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Bitcoin Climbs Slightly, Consolidation From Big Drop Continues

Bitcoin continues to head down in price, after sinking below the $8,000 mark, the cryptocurrency struggles to find its feet again.

Written by SixJupiter Published on

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,308.87, which means that since yesterday, it is up about 0.79%. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 10.25% below its 20-day moving average, and over the past two weeks, price has been in a downtrend. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $7,459.46 USD and an upper boundary at $11,055.89 USD. The currency’s market cap is now at $146.21 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.39%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.23% and 68.8%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Straight Off the Chain

326,514 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have dropped by about 5.77% over the past week. Bitcoin may end up functioning as money to protect against political turmoil if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.96 US dollars. Transaction fees have been rising by approximately 0.47% per week, while the average transaction size is down 41.45% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately rising daily by approximately 0.27%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way and that the chain is thus being something to keep an eye on. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

There are 575.07 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.47% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been moving by about 7,032.705 per day. The top 1% of Bitcoin wallets hold over 90.3% of the outstanding Bitcoin.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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