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Bitcoin Drops 3.53%, Falling Back Below 20 Day Average and $9,000 Price Level

The leading cryptocurrency Bitcoin falls by almost 4%, taking the token below the $9,000 mark is was trying to hold.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,726.31, which means that since yesterday, it is down about 3.53%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a downtrend, and is currently 2.93% below its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. 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 $8,614.2 USD and an upper boundary at $9,365.86 USD. Its market capitalization currently is estimated to be around $158.33 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 65.72%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily decline of -0.17% the past two weeks. A decline in dominance may suggest the case for altcoins is getting stronger, and so a world with many viable competing coins may be what we are headed towards.

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Update on Transactions and Hash Rate

326,707 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain grown by approximately 4.44% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does consistently succeed in growing transactions on its chain, its primary utility may be as a currency for transactions. Yesterday, Bitcoin’s average fee per transaction came in at $0.8. Transaction fees have been decreasing by approximately 6.11% per week, while the average transaction size is up 2.31% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately losing daily by approximately -0.21%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to interpret; this could result in the chain’s security being something to pay attention to. This may not help Bitcoin draw more capital to its chain.

Article by SixJupiter