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Bitcoin Jumps 0.53% as Trend in Transaction Volume Remains Unclear

Bitcoin price continues to struggle below $9,000 as it spends another day without a break in either direction.

Bitcoin Price Update

Bitcoin is up about 0.53% from the previous day, putting its price at $8,772.34 US dollars at the time of this writing. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 2.84% below its 20-day moving average, and is currently in a downtrend over the past 14 days. 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 $8,632.19 USD and an upper boundary at $9,425.72 USD. The currency’s market cap is now at $158.4 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 65.7%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slightly, as it has reported an average daily drop of -0.18% the past two weeks. A drop in dominance may suggest a growing opportunity for investing in other coins, and thus multiple cryptocurrencies may end up succeeding.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 301,382 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 1.76% over the past week. If Bitcoin does consistently grow transactions, it may need to derive its value as a currency for transactions. Yesterday, Bitcoin’s average fee per transaction came in at $0.8. The size of the typical transaction on Bitcoin’s blockchain is down 28.14% in US dollars; meanwhile, the fee for sending transactions has been falling by 6.11% per week. 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 declining daily by a rate of approximately -0.32%. 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. From this perspective, this behaviour may not provide Bitcoin with the ability to attract more high-value transactions.

Article by SixJupiter