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Bitcoin Jumps Another 5.95% as Dominance Remains Above 68%

As we ee the week coming to close, Bitcoin price faces another bullish spike with a near 6% increase in trading value.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $8,347.08, which means that since yesterday, it is up about 5.95%. This marks the 6th day in a row that Bitcoin has been up, and the coin is trending up. Since it is somewhat far above relative to its 20-day average price of $7,380.15, as such, dip buyers may need to wait a bit more for an opportunity. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $6,727.98 and $8,032.32. The currency’s market cap is now at $143.97 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.83%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.6% and 69.22%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Update on Transactions and Hash Rate

318,019 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 3.98% over the past week. Ultimately, if the currency does consistently succeed in growing transactions on its chain, its primary utility may be as a currency for transactions. Yesterday, Bitcoin’s average fee per transaction came in at $0.48. Transaction fees have been declining by approximately 3.97% per week, while the average transaction size is down 9.02% in US dollars. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.69%. Given the upward trend in bitcoin mining, it may be that hash rate is getting more computationally difficult; this could result in the chain’s security becoming harder to break. As such, this might enable Bitcoin to earn greater trust from developers and investors alike.

Article by SixJupiter

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SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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