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Bitcoin Drops 4.53%, But Downtrend Has Cooled and Dominance is Now Heading Up

The leading cryptocurrency Bitcoin takes a massive nearly 5% knock, directly opposing the trajectory of the dominance as it heads up.

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $7,420.53, which means that since yesterday, it is down about 4.53%. This is the 2nd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is unclear. Since it is somewhat close below relative to its 20-day average price of $7,885.087, a climb up to the 20-day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $6,824.22 and $8,945.95. Its market capitalization currently is estimated to be around $130.96 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.31%. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily rise of 0.09% over the past 14 days. A rise in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Update on Transactions and Hash Rate

274,621 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain fallen by approximately 3.25% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $0.75. The size of the typical transaction on Bitcoin’s blockchain is down 5% in US dollars; meanwhile, the fee for sending transactions has been declining by 4.5% per week. Bitcoin’s transaction fee and average transaction value are both declining, though that is likely to change if Bitcoin’s price sustains a stronger rally going forward. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately falling daily by approximately -0.14%. Ultimately, the security of Bitcoin is being something to keep an eye on, 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 attract more high-value transactions.

Article by SixJupiter