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Bitcoin Price Drops While Hash Rate Shows Signs of Decline

Bitcoin price has seen a modest near 3% dip, showing bearish signs despite a recent upsurge. The leading cryptocurrency’s hashrate suffers.

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin’s price at the moment is clocking in at $9,169.86, which means that since yesterday, it is down about 2.65%. This is now the 2nd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is up. As price is currently somewhat close above its 20-day average price of $8,441.075, we may interpret that to mean a fall down to the 20-day moving average may draw dip buyers 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 $6,842.17 and $10,039.98 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $164.74 billion US dollars, which is about 67.05% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending up gradually, averaging a rise of 0.19% each day over the past two weeks. A rise in dominance may suggest the case for altcoins is getting weaker, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Daily Engagement and Hash Rate Metrics Update

314,163 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have fallen by about 7.98%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.08 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 46.37% in US dollars; meanwhile, the fee for sending transactions has been growing by 88.59% per 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 -0.05%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being something to pay attention to. From this perspective, this behaviour may not provide Bitcoin with the ability to draw more capital to its chain.

Article by SixJupiter