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Bitcoin Falls 1.18%, Nearing the $8,000 Price Level

As the cryptocurrency market struggles, Bitcoin continues to fall, steering further away from the $10,000 it was holding towards $8,000.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $8,126.99, which means that since yesterday, it is down about 1.18%. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 16.01% below its 20-day moving average, and over the past two weeks, price has been in a downtrend. 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 $7,877.14 USD and an upper boundary at $11,475.84 USD. The currency’s market cap is now at $139.46 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.37%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead of oscillating between 67.23% and 69.14%. 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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Straight Off the Chain

285,542 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 6.15% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of wealth. Yesterday, Bitcoin’s average fee per transaction came in at $0.6. The size of the typical transaction on Bitcoin’s blockchain is up 2.62% in US dollars; meanwhile, the fee for sending transactions has been falling by 2.66% per week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been gaining daily by a rate of approximately 0.49%. Given the upward trend in bitcoin mining, it may be that hash rate is getting more intensive; this could result in the chain’s security growing stronger. From this perspective, this behaviour may provide Bitcoin with the ability to draw more capital to its chain.

What are the Richest Hodlers Doing?

There are 573.58 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.46% of those wallets have received or sent Bitcoin in the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been heading by about 15,527.01 per day. Over 90.35% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

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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