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Bitcoin falls slightly for the second day in a row; dominance holds above 68%

While Bitcoin’s prices remain shaky with a second day trading in the red, the dominance of the cryptocurrency continues to hold.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is down about 0.46% from the previous day, putting its price at $10,128.86 US dollars at the time of this writing. This marks the 2nd day in a row that Bitcoin has been down, but the coin is trending unclearly. As price is currently closely below its 20-day average price of $10,564.25, we may interpret that to mean climbing above the 20-day moving average may help foster bullish momentum. 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 $10,072.63 and $11,055.87 (in US dollars). Its market capitalization currently is estimated to be around $180.93 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.36%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.16% and 68.64%. 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

Yesterday, the Bitcoin blockchain saw 325,984 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have dropped by about 2.58%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does not grow transactions, it may need to derive its value as money to protect against political turmoil. Yesterday, Bitcoin’s average fee per transaction came in at $1.08. The average transaction fee has been falling at a rate of about 16.61% per week, but the average amount of money sent in transactions, in US dollars, is down 11% 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. 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 0.06%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to understand. From this perspective, this behaviour may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

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Bitcoin’s Wealth Concentration and Activity

2.54% of the 561.25 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in an unclear trend, ranging about 8,343.154 per day over the past two weeks. In terms of ownership concentration, approximately 90.52% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

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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