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Bitcoin Dominance Downtrend Comes to an End, Finding a New Floor at 65%

Bitcoin has come to a head, with the token heading to a 65% dominance over the rest of the cryptocurrency market.

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 4% from the previous day, putting its price at $8,133.57 US dollars at the time of this writing. This is now the 8th straight day that Bitcoin has headed down, and the coin’s prevailing trend over the past 14 days is down. As price is currently somewhat close below its 20-day average price of $8,937.38, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,224.06 and $9,650.7. The currency’s market cap is now at $145.83 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 65.94%. Bitcoin’s dominance has been trending down gradually, averaging a fall of -0.1% each day over the past two weeks. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and thus multiple cryptocurrencies may end up succeeding.

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Straight Off the Chain

327,630 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 0.47% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a form of savings. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.85 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 24.8% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 18.14% per week. 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 declining daily by a rate of approximately -0.16%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being a point to bear in mind. This may not help Bitcoin attract more high-value transactions.

Article by SixJupiter