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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 […]

Written by SixJupiter Published on

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.

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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