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Bitcoin Falls Below $10,000, But its Monthly Active Users is Now in an Uptrend

As Bitcoin drops below the magic mark of $10,000, it sees a sliver lining of an increased monthly active users.

Bitcoin Price Update

Bitcoin is down about 3.15% from the previous day, putting its price at $9,880.06 US dollars at the time of this writing. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 3.4% below its 20-day moving average, and is currently in a downtrend 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 $9,809.42 and $10,645.23 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $182.19 billion US dollars, which is about 67.39% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been gradually moving down, reporting an average daily decline of 0.35% over the past 14 days. A decline in dominance may suggest the case for altcoins is getting stronger, and so a world with many viable competing coins may be what we are headed towards.

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Daily Engagement and Hash Rate Metrics Update

346,110 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have dropped by about 0.7%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a store of value 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 $0.96 US dollars. Transaction fees have been decreasing by approximately 14.17% per week, while the average transaction size is down 26.51% in US dollars. 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 0.9%. Given the upward trend in bitcoin mining, it may be that hash rate is getting more competitive; this could result in the chain’s security becoming harder to break. This may help Bitcoin attract more high-value transactions.

How Active are Bitcoin’s Richest Wallets?

There are 569.88 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.49% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in an uptrend, moving about 14,676.02 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.22% of the outstanding Bitcoin.

Article by SixJupiter