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Bitcoin Mostly Flat, But Transaction Size Falling Faster Than Transaction Fee

Over the past day in trading values, Bitcoin has seen a fractional dip of just over 0.1%. However, the token’s transaction size has seen an increase.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $8,106.56 US dollars, down approximately 0.13% from the day prior. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 7.34% above its 20 day moving average, and is currently in an uptrend over the past 14 days. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $6,733.79 USD and an upper boundary at $8,370.69 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $154.7 billion US dollars, which is about 68.34% of the market capitalization of all cryptocurrencies. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 67.6% and 69.22%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Straight Off the Chain

291,597 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have grown by about 8.23% over the past week. Bitcoin may end up functioning as a currency for transactions if it does regularly increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.48 US dollars. Transaction fees have been falling 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 gaining daily by approximately 0.57%. A trend in hash rate that upwards suggests that mining is becoming more competitive, and that the chain is thus becoming harder to break. 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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