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Bitcoin Follows Its Big Crash With Another Drop of 1.03%

Following yesterday’s massive plummet of nearly 10%, Bitcoin price sees another dip as it battles to get back to the green.

Bitcoin Price Update

Bitcoin is down about 1.03% from the previous day, putting its price at $7,402.15 US dollars at the time of this writing. This marks the 2nd day in a row that Bitcoin has been down, and the coin is trending down. As price is currently somewhat close below its 20-day average price of $8,118.564, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. 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 $7,464.79 and $8,772.34 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $134.33 billion US dollars, which is about 65.36% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending down slightly, averaging a decline of -0.12% each day over the past two weeks. A decline in dominance may suggest a growing opportunity for investing in other coins, 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 303,843 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 1.65% over the past week. Bitcoin may end up functioning as a way to acquire goods or services if it does consistently increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.69 US dollars. Transaction fees have been falling by approximately 15.85% per week, while the average transaction size is down 10.34% in US dollars. When Bitcoin’s transaction fee and average transaction value are both in decline, the cause is typically the result of the exchange rate against the US dollar. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, gaining about 0.31% per day. 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 more uncertain in a way. This may not help Bitcoin attract more high value transactions.

Article by SixJupiter