The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Bitcoin: What’s the Latest Regarding its Price?
At the time of this writing, Bitcoin s price is $11,813.98 US dollars, down approximately 1.41% from the day prior. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 12.53% above its 20 day moving average, and over the past two weeks, price has been in an up trend. Given that its distance from its 20 day moving average of $10,498.39 is somewhat far, it may mean that as such, dip buyers may need to wait a bit more for an opportunity. 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 $8,637.45 USD and an upper boundary at $12,359.32 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $211.14 billion US dollars, which is about 68.83% of the market capitalization of all cryptocurrencies Bitcoin’s dominance has been trending up slowly, averaging a gain of 0.56% each day over the past two weeks. A gain in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoin’s chances for long-term survival are thus enhanced.
Update on Transactions and Hash Rate
Yesterday, the Bitcoin blockchain saw 336,181 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain grown by approximately 6.92% this past week; to wit, the trend is clear at this time. Bitcoin may end up functioning as a currency for transactions if it does regularly increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $2.23. The average transaction fee has been growing at a rate of about 0.22% per week, but the average amount of money sent in transactions, in US dollars, is down 11.23% week over week. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30 day basis, gaining about 0.68% per day. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more intensive; this could result in the chain’s security improving. As such, this might enable Bitcoin to earn greater trust from developers and investors alike.
Bitcoin’s Wealth Concentration and Activity
Over the past 30 days, 2.57% of the 554.54 million Bitcoin wallets holding a balance reported a transaction. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been moving by about 58,788.27 per day. The top 1% of Bitcoin wallets hold over 90.63% of the outstanding Bitcoin.