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Bitcoin Drops Drop for the Second Straight Day, Falling 1.46%

Leading cryptocurrency Bitcoin struggles to regain its value as it drops a further over 1% ahead of the weekend.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $8,640.42, which means that since yesterday, it is down about 1.46%. This is the 2nd consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. Since it is somewhat close below relative to its 20-day average price of $9,155.487, 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 $8,667.47 and $9,643.51. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $155.5 billion US dollars, which is about 65.71% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending down slightly, averaging a fall of -0.21% each day over the past two weeks. A fall in dominance may suggest a growing opportunity for investing in other coins, and thus multiple cryptocurrencies may end up succeeding.

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Straight Off the Chain

350,023 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain risen by approximately 1.67% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does repeatedly succeed in growing transactions on its chain, its primary utility may be as a way to acquire goods or services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.94 US dollars. The average transaction fee has been decreasing at a rate of about 17.51% per week, but the average amount of money sent in transactions, in US dollars, is down 34.17% week over week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, declining about -0.23% per day. Ultimately, the security of Bitcoin is being a point to bear in mind, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to interpret. From this perspective, this behaviour may not provide Bitcoin with the ability to attract more high-value transactions.

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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