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Bitcoin falls for the fourth straight day, dropping 3.08%

Bitcoin continues on its bearish trend; falling below $10,000 yesterday and maintaining the dip dropping by 3.08%.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin has fallen about 3.08% from the previous day, putting its price at $9,529.11 US dollars at the time of this writing — and marking Bitcoin’s fourth consecutive down day. In terms of trend, though, note that the current price is now 7.55% below its 20-day moving average, and is currently in a downtrend over the past 14 days. It is now approximately 7.55% below its average price over the past 20 days of $10,307.72, which is somewhat close; a climb up to the 20-day moving average may be needed before momentum buyers come in. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $9,561.81 and $11,053.62 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $169.41 billion US dollars, which is about 68.63% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead of oscillating between 67.82% and 68.79%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.

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Straight Off the Chain

346,734 transactions were recorded on the Bitcoin blockchain yesterday. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 3.78%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a way to acquire goods or services if it does repeatedly increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $1. The size of the typical transaction on Bitcoin’s blockchain is up 0.72% in US dollars; meanwhile, the fee for sending transactions has been falling by 22.12% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, gaining about 0.08% per day. A trend in hash rate that is unclear suggests that mining is becoming harder to understand, and that the chain is thus being a point to bear in mind. As such, this might not enable Bitcoin to draw more capital to its chain.

What are the Richest Hodlers Doing?

2.53% of the 561.99 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in an uptrend, heading about 16,755.6 per day over the past two weeks. In terms of ownership concentration, approximately 90.42% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

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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