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Bitcoin Drops 2.28% As Its Monthly Active User Count Remains in Short-Term Downtrend

Bitcoin price sees a minor dip in price, with a 2.28% decrease. The monthly users for the token continues to dip into a downtrend.

Written by SixJupiter Published on

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,173.48, which means that since yesterday, it is down about 2.28%. This is the 2nd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is unclear. It is currently 0.43% below its 20-day moving average of $8,208.422, which is close; climbing above the 20-day moving average may help foster bullish momentum. 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 $7,807.55 and $8,609.29 (in US dollars). The currency’s market cap is now at $146.62 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.31%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slightly, as it has reported an average daily decline of -0.13% the past two weeks. A decline in dominance may suggest a growing opportunity for investing in other coins, and so a world with many viable competing coins may be what we are headed towards.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 339,698 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 1.46% 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. Yesterday, Bitcoin’s average fee per transaction came in at $0.65. The size of the typical transaction on Bitcoin’s blockchain is up 29.77% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 11.61% per 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 0.13%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now more uncertain in a way. This may not help Bitcoin earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.41% of the 579.43 million Bitcoin wallets holding a balance reported a transaction. In terms of engagement, note that the number of monthly active users in Bitcoin has been falling by about 30,556.7 per day. The top 1% of Bitcoin wallets hold over 90.28% of the outstanding Bitcoin.

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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