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Bitcoin Price Mostly Flat, But Transaction Size Up

Whle Bitcoin price might be falling on its nose without movement either way, the transactions have been increasing with a 12% increase.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $9,233.35 US dollars, up approximately 0.52% from the day prior. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 6.14% above its 20-day moving average, and is currently in an up trend over the past 14 days. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $7,200.57 and $10,197.73. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $169.1 billion US dollars, which is about 66.43% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 65.36% and 68.13%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Straight Off the Chain

332,839 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 dropped by about 0.67%, 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 $1.44 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 15.91% in US dollars; meanwhile, the fee for sending transactions has been increasing by 12.52% per week. Ultimately, we might conclude that Bitcoin is too expensive on a relative basis because the rise in fees is coupled with roughly in the same ballpark growth in transaction fees relative to transaction size. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately falling daily by approximately -0.21%. Ultimately, the security of Bitcoin is being a point to bear in mind, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to understand. This may not help Bitcoin earn greater trust from developers and investors alike.

Article by SixJupiter

Written by

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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