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Bitcoin drops again, falling nearly 4% to stay just above $10,000

As Bitcoin takes a knock back down by nearly 4%, it maintains its support to enjoy an-above-$10,000 price tag.

Written by SixJupiter Published on

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $10,221.46, which means that since yesterday, it is down about 3.99%. This is the 2nd consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. As price is currently somewhat close below its 20-day average price of $10,989.17, we may interpret that to mean 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 $9,724.8 and $12,253.55. Its market capitalization currently is estimated to be around $181.73 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.29%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead of oscillating between 67.16% and 69.3%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Update on Transactions and Hash Rate

333,304 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain dropped by approximately 1.14% this past week, though it should be noted the trend is not clear at this time. 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 $1.34 US dollars. The average transaction fee has been declining at a rate of about 17.95% per week, but the average amount of money sent in transactions, in US dollars, is up 3.03% 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 growing daily by approximately 0.25%. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret and that the chain is thus being a point to bear in mind. As such, this might not enable Bitcoin to draw more capital to its chain.

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What are the Richest Hodlers Doing?

2.51% of the 558.73 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in a downtrend, going about 19,537.52 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.49% of the outstanding Bitcoin.

Article by SixJupiter

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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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