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Bitcoin Mostly Flat for the Day, as Consolidation Continues

Although Bitcoin price has fallen to a non-volatile flat zone of trading, the token’s consolidation has kept steam after the prior weekend’s spike.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $9,157.52, which means that since yesterday, it is down about 0.31%. This marks the 3rd day in a row that Bitcoin has been down, but the coin is trending up. As price is currently somewhat close above its 20-day average price of $8,477.18, we may interpret that to mean a fall down to the 20-day moving average may draw dip buyers in. 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 $6,865.84 and $10,088.52 (in US dollars). Its market capitalization currently is estimated to be around $164.23 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 67.1%. Bitcoin’s dominance has been trending up slightly, averaging a rise of 0.19% each day over the past two weeks. A rise in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 293,779 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 7.2% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as money to protect against political turmoil. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.99 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 59.9% in US dollars; meanwhile, the fee for sending transactions has been growing by 96.46% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, losing about -0.13% per day. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way and that the chain is thus being something to keep an eye on. As such, this might not enable Bitcoin to attract more high-value transactions.

Article by SixJupiter

Written by

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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