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Bitcoin down 0.42%, but transaction fees and count still increasing

While Bitcoin price has taken a dip in daily trading volumes, the token is still sitting in a 20-day uptrend.

Written by SixJupiter Published on

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $11,339.36 US dollars, down approximately 0.42% 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 5.21% above its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. At the moment, it’s about 5.21% above its 20-day average price of $10,777.68, which is somewhat close; a fall down to the 20-day moving average may draw dip buyers in. 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 $9,270.27 USD and an upper boundary at $12,285.09 USD. Its market capitalization currently is estimated to be around $202.71 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.46%. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily rise of 0.51% over the past 14 days. A rise in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and so Bitcoin may end up being “the one currency” to rule them all.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 297,446 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 2.11% 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. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.26 US dollars. The average transaction fee has been increasing at a rate of about 45.36% per week, but the average amount of money sent in transactions, in US dollars, is up 20.48% week over week. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30-day basis, gaining about 0.59% per day. A trend in hash rate that upwards suggests that mining is becoming more competitive and that the chain is thus improving. As such, this might enable Bitcoin to draw more capital to its chain.

How Active are Bitcoin’s Richest Wallets?

There are 555.9 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.52% of those wallets have received or sent Bitcoin in the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been dropping by about 14,915.43 per day. The top 1% of Bitcoin wallets hold over 90.61% of the outstanding Bitcoin.

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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