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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.

Written by SixJupiter Published on

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

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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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