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Bitcoin Down Slightly, Drops 0.55%

Bitcoin price sees a more than 0.5% decline as the cryptocurrency market struggles to regain values.

Written by SixJupiter Published on

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $7,310.23 US dollars, down approximately 0.55% from the day prior. This is now the 3rd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is unclear. As price is currently close below its 20-day average price of $7,360.274, we may interpret that to mean climbing above the 20-day moving average may help foster bullish momentum. 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 $6,910.64 USD and an upper boundary at $7,809.91 USD. Its market capitalization currently is estimated to be around $130.67 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.54%. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 66.13% and 66.86%. 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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Straight Off the Chain

320,064 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 0.94%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Ultimately, if the currency does repeatedly succeed in growing transactions on its chain, its primary utility may be as a way to acquire goods or services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.53 US dollars. The average transaction fee has been falling at a rate of about 21.65% per week, but the average amount of money sent in transactions, in US dollars, is up 5.33% week over 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 gaining daily by a rate of approximately 0.1%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand and that the chain is thus being something to keep an eye on. This may not help Bitcoin attract more high-value transactions.

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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