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Bitcoin falls slightly again, but remains in uptrend

Bitcoin price is facing a slight dip, however, the token is still in an uptrend in moving average values.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $10,314.88 US dollars, down approximately 1.02% from the day prior. This is now the 3rd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is up. Since it is close above relative to its 20-day average price of $10,134.17, staying above the 20-day moving average may be important in terms of sustaining short-term momentum. 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 $9,249.02 USD and an upper boundary at $11,019.31 USD. Its market capitalization currently is estimated to be around $183.65 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 69.35%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slightly, as it has reported an average daily rise of 0.19% the past two weeks. A rise in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Update on Transactions and Hash Rate

316,852 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain risen by approximately 0.65% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does repeatedly grow transactions, it may need to derive its value as a currency for transactions. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.06 US dollars. Transaction fees have been growing by approximately 17.8% per week, while the average transaction size is up 33.14% in US dollars. Ultimately, we might conclude that Bitcoin is well-suited for high-value transactions because the rise in fees is coupled with roughly in the same ballpark 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 0.6% per day. A trend in hash rate that upwards suggests that mining is becoming more competitive and that the chain is thus improving. From this perspective, this behaviour may provide Bitcoin with the ability to attract more high-value transactions.

What are the Richest Hodlers Doing?

2.44% of the 566.01 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in a downtrend, heading about 29,367.04 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.37% of the outstanding Bitcoin.

Article by SixJupiter

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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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