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Is Bitcoin Price Now Consolidating After its Recent Big Drop?

Bitcoin price has seen a 1% dip, slowing down after several days of spiking volatility. This could be a sign that the token is reconsolidating.

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $8,244.09 US dollars, down approximately 0.99% from the day prior. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 11.95% below its 20-day moving average, and is currently in a downtrend over the past 14 days. 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 $7,527.97 USD and an upper boundary at $11,198.68 USD. The currency’s market cap is now at $148.64 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.51%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead oscillating between between 67.23% and 68.8%. 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

326,557 transactions were recorded on the Bitcoin blockchain yesterday. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have dropped by about 4.12%, 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 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 $1.2 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 39.15% in US dollars; meanwhile, the fee for sending transactions has been falling by 4.41% per 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 growing daily by a rate of approximately 0.25%. Ultimately, the security of Bitcoin is being a point to bear in mind, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to interpret. From this perspective, this behaviour may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

There are 574.71 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.48% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been moving by about 6,087.455 per day. Over 90.3% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter