Bitcoin falls slightly for the second day, but hashrate continues to march upwards

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin s price is $11,878.55 US dollars, down approximately 0.8% from the day prior. This is the 2nd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is up. As price is currently somewhat far above its 20-day average price of $10,494.89, we may interpret that to mean as such, dip buyers may need to wait a bit more for an opportunity. 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 $8,467.34 and $12,522.43 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $211.31 billion US dollars, which is about 68.53% of the market capitalization of all cryptocurrencies Bitcoin’s dominance has been trending up slightly, averaging an upward move of 0.49% each day over the past two weeks. An upward move in dominance may suggest the case for altcoins is getting weaker, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 370,909 transactions recorded on it. The trend in daily transactions is clear; to wit, note that transactions have jumped by about 6.88% over the past week. Ultimately, if the currency does repeatedly succeed in growing transactions on its chain, its primary utility may be as money for buying certain goods/services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.46 US dollars. Transaction fees have been decreasing by approximately 9.54% per week, while the average transaction size is down 13.57% in US dollars. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30-day basis, growing about 0.61% per day. Given the upward trend in bitcoin mining, it may be that the hash rate is getting more competitive; this could result in the chain’s security becoming harder to break. This may help Bitcoin earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

There are 554.15 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.57% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been falling by about 75,587.68 per day. The top 1% of Bitcoin wallets hold over 90.77% of the outstanding Bitcoin.

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