Bitcoin Drops Slightly, But Holds Above $7,000 USD

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin s price is $7,132.39 US dollars, down approximately 1.69% from the day prior. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 2.92% below its 20-day moving average, and is currently in an unclear trend over the past 14 days. 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 $7,070.92 USD and an upper boundary at $7,622.55 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $128.05 billion US dollars, which is about 66.61% of the market capitalization of all cryptocurrencies Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead oscillating between 66.31% and 66.86%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 263,441 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have declined by about 2.89% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a form of savings. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.38 US dollars. The average transaction fee has been falling at a rate of about 13.77% per week, but the average amount of money sent in transactions, in US dollars, is down 5.87% week over week. The decline in Bitcoin’s transaction fee is welcome, but the decline in average transaction value may hinder the narrative of Bitcoin as a currency for large transactions. 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 gaining daily by a rate of approximately 0.03%. 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 draw more capital to its chain.