Bitcoin Falls Again, as the Market Plummets, Dropping 0.93%


Bitcoin Price Update

Bitcoin s price at the moment is clocking in at $8,399.23, which means that since yesterday, it is down about 0.93%. This marks the 6th day in a row that Bitcoin has been down, and the coin is trending down. As price is currently somewhat far below its 20-day average price of $9,940.577, we may interpret that to mean prospective buyers may wish to wait for this gap to shorten a bit before jumping in. 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 $8,470.37 and $11,410.78 (in US dollars). Its market capitalization currently is estimated to be around $143.38 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 67.85%. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 67.23% and 69.98%. 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

355,775 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain grown by approximately 2.51% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a way to acquire goods or services if it does repeatedly increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.04 US dollars. The average transaction fee has been increasing at a rate of about 7.39% per week, but the average amount of money sent in transactions, in US dollars, is up 30.76% week over week. Ultimately, we might conclude that Bitcoin is usable for a growing number of use cases because the rise in fees is coupled with substantially faster growth in transaction fees relative to transaction size. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30-day basis, growing about 0.5% per day. A trend in hash rate that upwards suggests that mining is becoming more competitive and that the chain is thus growing stronger. This may help Bitcoin earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

2.49% of the 572.53 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been heading by about 22,093.26 per day. Over 90.28% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

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