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Bitcoin Flat For the Day as Dominance Drops

As Bitcoin struggles to regain momentum, it stumbles as dominance over the market falls.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,173.84, which means that since yesterday, it is down about 0%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an unclear trend, and is currently 0.2% below its 20-day moving average; staying above this level may be critical to sustaining short-term 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 $7,801.16 and $8,579.92 (in US dollars). Its market capitalization currently is estimated to be around $143.4 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.06%. It should be noted, though, that Bitcoin’s dominance has been slightly moving down, reporting an average daily drop of 0.12% over the past 14 days. A drop in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 338,473 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain grown by approximately 0.45% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does consistently succeed in growing transactions on its chain, its primary utility may be as money for buying certain goods/services. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.63 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 17.77% in US dollars; meanwhile, the fee for sending transactions has been falling by 2.95% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, rising about 0.15% per day. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret and that the chain is thus being something to keep an eye on. This may not help Bitcoin earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.4% of the 579.81 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in a downtrend, sinking about 29,365.29 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.47% of the outstanding Bitcoin.

Article by SixJupiter