Bitcoin Drops 3.44% After a Quick Spike


How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin s price is $9,222.23 US dollars, down approximately 3.44% from the day prior. This is now the 2nd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is up. Since it is somewhat far above relative to its 20-day average price of $8,369.326, as such, dip buyers may need to wait a bit more for an opportunity. 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 $7,010.77 USD and an upper boundary at $9,727.89 USD. The currency’s market cap is now at $168.99 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.33%. It should be noted, though, that Bitcoin’s dominance has been slowly moving up, reporting an average daily upward move of 0.18% over the past 14 days. An upward move in dominance may suggest the case for altcoins is getting weaker, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 256,253 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have declined by about 0.61% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as money to protect against political turmoil. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.25 US dollars. The average transaction fee has been growing at a rate of about 46.39% per week, but the average amount of money sent in transactions, in US dollars, is up 18.56% 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 gaining daily by approximately 0.25%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way and that the chain is thus being something to keep an eye on. As such, this might not enable Bitcoin to attract more high-value transactions.

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