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Bitcoin continues to fall, but transaction fee maintain their rise

For the fourth day in a row, Bitcoin struggles in a red downtrend; falling further as it dips below $10 000.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $9,996.91 US dollars, down approximately 3.02% from the day prior. This is the 4th consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is unclear. Since it is somewhat close below relative to its 20-day average price of $10,802.57, 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 $9,485.05 and $12,120.08 (in US dollars). The currency’s market cap is now at $178.26 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.11%. It should be noted, though, that Bitcoin’s dominance has been slowly moving up, reporting an average daily rise of 0.2% over the past 14 days. A rise in dominance may suggest the case for altcoins is getting weaker, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Straight Off the Chain

355,644 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 3.69% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of wealth. Yesterday, Bitcoin’s average fee per transaction came in at $1.51. Transaction fees have been rising by approximately 17.59% per week, while the average transaction size is down 0.06% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.61%. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more competitive; this could result in the chain’s security improving. This may help Bitcoin attract more high-value transactions.

What are the Richest Hodlers Doing?

2.53% of the 557.04 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been oscillating by about 4,349.836 per day. Over 90.61% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

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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