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Bitcoin Drops Slightly, But Dominance Now in an Uptrend

Bitcoin price might have seen a slight dip, but the token’s dominance in the market has taken a step upwards.

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $9,550.6 US dollars, down approximately 0.73% from the day prior. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 14.39% above its 20-day moving average, and over the past two weeks, price has been in an unclear trend. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $7,159.5 and $9,538.28 (in US dollars). Its market capitalization currently is estimated to be around $172.57 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 67.82%. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily upward move of 0.15% 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. Bitcoin may end up functioning as money to protect against political turmoil if it does not increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.45 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 19.87% in US dollars; meanwhile, the fee for sending transactions has been increasing by 25.22% per week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been growing daily by a rate of approximately 0.18%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being a point to bear in mind. This may not help Bitcoin earn greater trust from developers and investors alike.

Article by SixJupiter