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Bitcoin Jumps 4.96% to Break Short-Term Downtrend

Over the past 24 hours, Bitcoin has shifted by nearly 5% in trading value. While it shows red in the market, the token has broken the downtrend.

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is up about 4.96% from the previous day, putting its price at $8,581.88 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 0.61% above its 20-day moving average, and over the past two weeks, price has been in an unclear trend. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,098.94 and $8,960.33. Its market capitalization currently is estimated to be around $151.71 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.95%. 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 decline of -0.16% the past two weeks. A decline in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, 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 345,048 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 2.59% over the past week. Ultimately, if the currency does regularly succeed in growing transactions on its chain, its primary utility may be as a way to acquire goods or services. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.81 US dollars. Transaction fees have been declining by approximately 22.89% per week, while the average transaction size is down 12.58% in US dollars. 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. 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 rising daily by a rate of approximately 0.21%. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret 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 earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

2.44% of the 577.66 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in an unclear trend, bouncing about 10,909.02 per day over the past two weeks. In terms of ownership concentration, approximately 90.32% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter