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Bitcoin Jumps 4.21%, as Price Has Rallied Now for 3 Straight Days

Today marks the third day of Bitcoin price rallying as the token spikes up once more to see a flush of green trading.

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is up about 4.21% from the previous day, putting its price at $8,593.16 US dollars at the time of this writing. This marks the 3rd day in a row that Bitcoin has been up, but the coin is trending unclearly. As price is currently close below its 20-day average price of $8,651.302, we may interpret that to mean climbing above the 20-day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,228.2 and $9,074.4. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $153.78 billion US dollars, which is about 66.63% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been slowly moving down, reporting an average daily fall of 0.19% over the past 14 days. A fall in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 311,049 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain jumped by approximately 0.42% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does regularly grow transactions, it may need to derive its value as a currency for transactions. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.81 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 13.57% in US dollars; meanwhile, the fee for sending transactions has been declining by 22.89% per week. The decline in Bitcoin’s transaction fee is welcome, but the decline in average transaction value may hinder the narrative of Bitcoin as a currency for large transactions. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30 day basis, gaining about 0.12% 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 pay attention to. This may not help Bitcoin earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

There are 577.23 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.44% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in an unclear trend, oscillating about 9,614.588 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.51% of the outstanding Bitcoin.

Article by SixJupiter