Bitcoin Jumps Up, Heading Above its 20 Day Average

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin s price at the moment is clocking in at $9,045.85, which means that since yesterday, it is up about 2.28%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a downtrend, and is currently 0.9% above its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. 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 $8,599.64 and $9,330.65 (in US dollars). The currency’s market cap is now at $158.64 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 65.83%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down gradually, as it has reported an average daily decline of -0.18% the past two weeks. A decline in dominance may suggest a growing opportunity for investing in other coins, and so a world with many viable competing coins maybe what we are headed towards.

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Update on Transactions and Hash Rate

299,712 transactions were recorded on the Bitcoin blockchain yesterday. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 3.76%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Ultimately, if the currency does repeatedly succeed in growing transactions on its chain, its primary utility may be as money for buying certain goods/services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.85 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 1.9% in US dollars; meanwhile, the fee for sending transactions has been increasing by 1.8% per week. In other words, transaction sizes are growing roughly in the same ballpark than transaction fees are, so the rise in fees may be something to monitor; Bitcoin may be too expensive on a relative basis. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, losing about -0.16% per day. 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. This may not help Bitcoin earn greater trust from developers and investors alike.