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Bitcoin Jumps 4.87%, But Short-Term Downtrend in Dominance Remains

While Bitcoin might have risen after several days of bearish dipping, it still is showing a short-term downtrend.

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is up about 4.87% from the previous day, putting its price at $8,245.82 US dollars at the time of this writing. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 5.2% below its 20-day moving average, and over the past two weeks, price has been in an unclear trend. 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 $8,271.02 and $9,125.03 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $146.67 billion US dollars, which is about 66.3% of the market capitalization of all cryptocurrencies. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily drop of -0.23% the past two weeks. 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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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 336,354 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain jumped by approximately 0.16% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a way to acquire goods or services if it does repeatedly increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $0.68. The size of the typical transaction on Bitcoin’s blockchain is down 33.08% in US dollars; meanwhile, the fee for sending transactions has been declining by 22.09% 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 gaining daily by a rate of approximately 0.23%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to interpret; this could result in the chain’s security being something to pay attention to. From this perspective, this behaviour may not provide Bitcoin with the ability to attract more high-value transactions.

How Active are Bitcoin’s Richest Wallets?

There are 576.9 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.46% 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 6,083.203 per day over the past two weeks. Over 90.29% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter