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Bitcoin climbs 0.74%, but over 90% of wealth remains owned by the top 1%

Bitcoin price has managed to spike by a modest less than 1% retaining the cryptocurrency market’s bearish tight trading zones.

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $10,609.69, which means that since yesterday, it is up about 0.74%. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an unclear trend, and is currently 4.66% above its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. 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 $9,325.78 and $10,948.45 (in US dollars). Its market capitalization currently is estimated to be around $191.74 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 70.84%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slightly, as it has reported an average daily upward move of 0.29% the past two weeks. An upward move in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoin’s chances for long-term survival are thus enhanced.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 352,410 transactions recorded on it. The trend in daily transactions is clear; to wit, those transactions have risen by about 3.8% over the past week. If Bitcoin does regularly grow transactions, it may need to derive its value as money for buying certain goods/services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.22 US dollars. The average transaction fee has been decreasing at a rate of about 17.98% per week, but the average amount of money sent in transactions, in US dollars, is down 4.95% week over week. Bitcoin’s transaction fee and average transaction value are both declining, though that is likely to change if Bitcoin’s price sustains a stronger rally going forward. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30-day basis, gaining about 0.38% per day. Given the upward trend in bitcoin mining, it may be that hash rate is getting more competitive; this could result in the chain’s security becoming harder to break. This may help Bitcoin draw more capital to its chain.

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Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.49% of the 564.58 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in an unclear trend, oscillating about 7,192.657 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