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Bitcoin falls for the third consecutive day, dropping below $10,000

Bitcoin price has taken a knock after three days of trading in a downtrend. At a 3.08% decrease, the cryptocurrency has broken below $10,000.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $9,423.21 US dollars, down approximately 3.08% from the day prior. This marks the 3rd day in a row that Bitcoin has been down, but the coin is in a trending unclearly. It is currently 9.6% below its 20-day moving average of $10,423.75, which is somewhat close; a climb up to the 20-day moving average may be needed before momentum buyers come 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 $9,754.89 and $11,092.6 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $169.45 billion US dollars, which is about 68.79% 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 67.82% and 68.79%. 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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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 341,200 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have jumped by about 1.13%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Ultimately, if the currency does repeatedly succeed in growing transactions on its chain, its primary utility may be as a currency for transactions. Yesterday, Bitcoin’s average fee per transaction came in at $1.06. The average transaction fee has been decreasing at a rate of about 14.79% per week, but the average amount of money sent in transactions, in US dollars, is down 11.71% week over week. When Bitcoin’s transaction fee and average transaction value are both in decline, the cause is typically the result of the exchange rate against the US dollar. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, rising about 0.09% 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. From this perspective, this behaviour may not provide Bitcoin with the ability to attract more high-value transactions.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.53% of the 561.6 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in an uptrend, stepping about 12,660.87 per day over the past two weeks. Over 90.45% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

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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