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Bitcoin price dips as short-term downtrend remains intact

While the rest of the cryptocurrency market catches a break with green values, Bitcoin price has stumbled by a small 2.53%.

Written by SixJupiter Published on

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $10,645.76 US dollars, down approximately 2.53% from the day prior. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a downtrend, and is currently 3.27% below its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. At the moment, it’s about 3.27% below its 20-day average price of $11,005.17, which is close; climbing above the 20-day moving average may help foster bullish 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 $9,669.22 and $12,341.12 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $190.45 billion US dollars, which is about 68.58% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.16% and 69.3%. 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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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 330,473 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain risen by approximately 0.6% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as money for buying certain goods/services if it does repeatedly increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.09 US dollars. The average transaction fee has been decreasing at a rate of about 10.12% per week, but the average amount of money sent in transactions, in US dollars, is up 2.95% week over week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, growing about 0.23% per day. A trend in hash rate that is unclear suggests that mining is becoming harder to understand and that the chain is thus being something to pay attention to. This may not help Bitcoin earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

There are 558.35 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.49% of those wallets have received or sent Bitcoin in the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been dropping by about 15,140.94 per day. In terms of ownership concentration, approximately 90.5% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

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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