Bitcoin Mostly Flat, Dropping Just 0.35%, as Price Shows an Unclear Trend

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin s price is $8,485.63 US dollars, down approximately 0.35% from the day prior. This is the 7th consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. Since it is somewhat close below its 20-day average price of $9,002.334, a climb up to the 20-day moving average may be needed before momentum buyers come in. 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 $8,392.51 USD and an upper boundary at $9,612.16 USD. The currency’s market cap is now at $147.37 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66%. It should be noted, though, that Bitcoin’s dominance has been slowly moving down, reporting an average daily decline of 0.14% over the past 14 days. A decline in dominance may suggest the case for altcoins is getting stronger, and thus multiple cryptocurrencies may end up succeeding.

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Update on Transactions and Hash Rate

304,671 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain fallen by approximately 3.07% this past week, though it should be noted the trend is not clear at this time. 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. Yesterday, Bitcoin’s average fee per transaction came in at $0.77. The average transaction fee has been falling at a rate of about 23.07% per week, but the average amount of money sent in transactions, in US dollars, is down 31.51% week over week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been losing daily by a rate of approximately -0.17%. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to interpret. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.