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Bitcoin Drops Slightly, Now 1.32% Above Its 20-Day Average

While the cryptocurrency market trades in a tight zone, Bitcoin price sees a decline, but still manages to hold its 20-day moving average.

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $8,330.38 US dollars, down approximately 0.77% 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 1.32% above its 20-day moving average, and is currently in an unclear trend over the past 14 days. 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 $7,814.9 and $8,629.02 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $149.51 billion US dollars, which is about 66.21% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been slightly moving down, reporting an average daily fall of 0.13% over the past 14 days. A fall in dominance may suggest a growing opportunity for investing in other coins, and as such, altcoins may constitute viable investment opportunities.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 304,466 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 1.64% over the past week. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.48 US dollars. The average transaction fee has been decreasing at a rate of about 19.43% per week, but the average amount of money sent in transactions, in US dollars, is up 26.65% 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 0.15%. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret and that the chain is thus being something to keep an eye on. As such, this might not enable Bitcoin to attract more high-value transactions.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.39% of the 579.05 million Bitcoin wallets holding a balance reported a transaction. In terms of engagement, note that the number of monthly active users in Bitcoin has been falling by about 28,124.12 per day. The top 1% of Bitcoin wallets hold over 90.3% of the outstanding Bitcoin.

Article by SixJupiter