How Did Bitcoin’s Price Fare Yesterday?
Bitcoin is down about 1.64% from the previous day, putting its price at $7,193.36 US dollars at the time of this writing. This is now the 5th straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is unclear. As price is currently somewhat close below its 20-day average price of $7,659.325, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $6,916.79 and $8,401.86 (in US dollars). The currency’s market cap is now at $132.18 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.86%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up gradually, as it has reported an average daily rise of 0.07% the past two weeks. A rise in dominance may suggest the case for altcoins is getting weaker, and so Bitcoin may end up being “the one currency” to rule them all.
Daily Engagement and Hash Rate Metrics Update
Yesterday, the Bitcoin blockchain saw 337,284 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain jumped by approximately 1.64% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does regularly succeed in growing transactions on its chain, its primary utility may be as money for buying certain goods/services. Yesterday, Bitcoin’s average fee per transaction came in at $0.64. The average transaction fee has been declining at a rate of about 13.2% per week, but the average amount of money sent in transactions, in US dollars, is down 26.62% week over week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately growing daily by approximately 0.05%. 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 something to keep an eye on. As such, this might not enable Bitcoin to attract more high-value transactions.
Article by SixJupiter