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Bitcoin jumps 3.66%; dominance and daily transaction trends remain unclear

Bitcoin price breaks in an upwards direction, spiking by over 3.5%. The dominance of the token, however is uncertain currently.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $10,428.96 US dollars, up approximately 3.66% from the day prior. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an uptrend, and is currently 2.72% above its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $9,341.91 and $10,963.14. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $185.02 billion US dollars, which is about 69.98% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 68.63% and 70.84%. 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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Daily Engagement and Hash Rate Metrics Update

335,868 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain fallen by approximately 2.24% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as money to protect against political turmoil. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.03 US dollars. Transaction fees have been increasing by approximately 10.38% per week, while the average transaction size is up 38.02% in US dollars. It should be noted that the rise in fees could mean the currency is usable for a growing number of use cases, as growth in transaction sizes is substantially faster relative to growth in transaction fees. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been growing daily by a rate of approximately 0.79%. A trend in hash rate that upwards suggests that mining is becoming more competitive and that the chain is thus improving. This may help Bitcoin earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

There are 567.22 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.46% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in a downtrend, dropping about 21,326.52 per day over the past two weeks. Over 90.46% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter

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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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