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Bitcoin Climbs 6.86% to Stay Above $8,000

In a bout of volatility, Bitcoin price has spiked again to hit above the $8,000 mark with an increase of over 6%.

Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $8,326.64 US dollars, up approximately 6.86% from the day prior. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 11.99% below its 20-day moving average, and over the past two weeks, price has been in a downtrend. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $7,563.5 and $11,357.53. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $147.98 billion US dollars, which is about 67.57% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead oscillating between 67.23% and 68.8%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Daily Engagement and Hash Rate Metrics Update

337,244 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have declined by about 3.85% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as money to protect against political turmoil. Yesterday, Bitcoin’s average fee per transaction came in at $1.06. Transaction fees have been decreasing by approximately 7% per week, while the average transaction size is down 26.16% in US dollars. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days; it has been growing daily by a rate of approximately 0.3%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to interpret; this could result in the chain’s security being a point to bear in mind. From this perspective, this behaviour may not provide Bitcoin with the ability to attract more high-value transactions.

What are the Richest Hodlers Doing?

There are 574.31 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.48% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in an unclear trend, bouncing about 4,863.22 per day over the past two weeks. In terms of ownership concentration, approximately 90.3% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter