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Bitcoin price flat overnight while transactions per week remain up over 5%

Bitcoin struggles to regain a trading price of over $12,000 as it declines slightly overnight. Monthly activity on the chain also takes a dip.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $11,854.53 US dollars, down approximately 0.09% from the day prior. 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 11.83% above its 20-day moving an average of $10,600.67, which is somewhat far; as such, dip buyers may need to wait a bit more for an opportunity. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $8,524.43 USD and an upper boundary at $12,676.91 USD. Its market capitalization currently is estimated to be around $211.39 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 69.3%. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily rise of 0.6% over the past 14 days. A rise in dominance may suggest the network effects surrounding Bitcoin are getting stronger, 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 341,125 transactions recorded on it. The trend in daily transactions is clear; to wit, that transactions have grown by about 5.14% over the past week. If Bitcoin does regularly grow transactions, it may need to derive its value as a currency for transactions. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $2.47 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 10.01% in US dollars; meanwhile, the fee for sending transactions has been rising by 14.7% per week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately gaining daily by approximately 0.59%. A trend in hash rate that upwards suggests that mining is becoming more computationally difficult and that the chain is thus growing stronger. From this perspective, this behaviour may provide Bitcoin with the ability to attract more high-value transactions.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.57% of the 554.93 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in a downtrend, sinking about 41,385.4 per day over the past two weeks. Over 90.59% 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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