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Bitcoin mostly flat from day prior, continuing to hug 20-day average while holding above $10,000

While Bitcoin manages to hold its $10,000 mark, the leading cryptocurrency battles to coninue trading in its moving average.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $10,113.85, which means that since yesterday, it is up about 0.04%. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 0.21% below 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 $9,246.33 USD and an upper boundary at $11,023.04 USD. Its market capitalization currently is estimated to be around $182.56 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 69.82%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 68.63% and 70.84%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Straight Off the Chain

338,276 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have fallen by about 1.29% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a form of savings. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.03 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 35.38% in US dollars; meanwhile, the fee for sending transactions has been growing by 10.38% per week. In other words, transaction sizes are growing substantially faster than transaction fees are, so the rise in fees may be very encouraging; Bitcoin may be usable for a growing number of use cases. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.65%. Given the upward trend in bitcoin mining, it may be that hash rate is getting more computationally difficult; this could result in the chain’s security improving. From this perspective, this behaviour may provide Bitcoin with the ability to draw more capital to its chain.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.48% of the 566.81 million Bitcoin wallets holding a balance reported a transaction. In terms of engagement, note that the number of monthly active users in Bitcoin has been dropping by about 24,940.46 per day. The top 1% of Bitcoin wallets hold over 90.41% of the outstanding Bitcoin.

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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