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Bitcoin falls again, crossing below 20-day moving average

Leading cryptocurrency Bitcoin has dropped once more, while the rest of the crypto market shows mixed signals.

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $10,109.46, which means that since yesterday, it is down about 0.59%. 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. It is currently 0.15% below its 20-day moving average of $10,125.02, which is close; climbing above the 20-day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $9,236.61 and $11,013.43. The currency’s market cap is now at $180.23 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 69.35%. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily upward move of 0.14% over the past 14 days. 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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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 339,858 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain declined by approximately 2.55% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a form of savings. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.06 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 41.41% in US dollars; meanwhile, the fee for sending transactions has been growing by 17.8% per week. Ultimately, we might conclude that Bitcoin is usable for a growing number of use cases because the rise in fees is coupled with substantially faster growth in transaction fees relative to transaction size. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been gaining daily by a rate of approximately 0.61%. A trend in hash rate that upwards suggests that mining is becoming more competitive and that the chain is thus growing stronger. From this perspective, this behaviour may provide Bitcoin with the ability to earn greater trust from developers and investors alike.

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What are the Richest Hodlers Doing?

2.46% of the 566.41 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. The number of monthly active users is in a downtrend, dropping about 30,827.08 per day over the past two weeks. Over 90.4% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter