Bitcoin Makes Another Small Jump, But Trend Remains Unclear

Bitcoin Price Update

Bitcoin s price at the moment is clocking in at $7,359.96, which means that since yesterday, it is up about 0.21%. This marks the 3rd day in a row that Bitcoin has been up, but the coin is trending unclear. It is currently 1.91% above its 20-day moving average of $7,221.673, which is close; staying above the 20-day moving average may be important in terms of 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 $7,021.23 and $7,422.12 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $137.1 billion US dollars, which is about 67.6% 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 slightly, as it has reported an average daily decline of -0.11% the past two weeks. A decline in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and so a world with many viable competing coins may be what we are headed towards.

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Update on Transactions and Hash Rate

287,779 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 risen by about 1%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does repeatedly grow transactions, it may need to derive its value as a currency for transactions. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.48 US dollars. The average transaction fee has been declining at a rate of about 3.97% per week, but the average amount of money sent in transactions, in US dollars, is down 9.02% week over week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been rising daily by a rate of approximately 0.54%. Ultimately, the security of Bitcoin is improving, because the hash rate trend is upwards — which implies the trend in mining strength is now more intensive. As such, this might enable Bitcoin to draw more capital to its chain.