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Bitcoin Holds Steady, Essentially Flat for the Day

Bitcoin price manages to hold a flat day despite several weeks of downtrading.

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $6,631.84 US dollars, down approximately 0.06% from the day prior. This is now the 4th straight day that Bitcoin has headed down, and the coin’s prevailing trend over the past 14 days is down. As price is currently somewhat close below its 20-day average price of $7,286.257, 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 $6,714.03 and $7,858.49 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $128.44 billion US dollars, which is about 68.43% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been slightly moving up, reporting an average daily gain of 0.1% over the past 14 days. A gain in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Daily Engagement and Hash Rate Metrics Update

327,085 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain declined by approximately 2.22% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of wealth. Yesterday, Bitcoin’s average fee per transaction came in at $0.48. Transaction fees have been decreasing by approximately 3.97% per week, while the average transaction size is down 9.02% in US dollars. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been growing daily by a rate of approximately 0.13%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way and that the chain is thus being a point to bear in mind. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.

Article by SixJupiter