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Bitcoin Rallies Again, Jumping 3.64% as Uptrend Remains

As the cryptocurrency market makes waves, Bitcoin sees an uptrend in price, gaining nearly 4%.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,813.21, which means that since yesterday, it is up about 3.64%. This is the 2nd consecutive day that Bitcoin has moved up, and the coin’s trend over the past two weeks is up. As price is currently somewhat far above its 20-day average price of $7,697.2, we may interpret that to mean as such, dip buyers may need to wait a bit more for an opportunity. 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 $6,695.61 and $8,698.79 (in US dollars). The currency’s market cap is now at $157.97 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.76%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 66.32% and 69.22%. 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

332,658 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain risen by approximately 3.16% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as a currency for transactions if it does repeatedly increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $0.48. The size of the typical transaction on Bitcoin’s blockchain is down 9.02% in US dollars; meanwhile, the fee for sending transactions has been falling by 3.97% per week. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30-day basis, gaining about 0.45% per day. A trend in hash rate that upwards suggests that mining is becoming more intensive and that the chain is thus becoming harder to break. This may help Bitcoin earn greater trust from developers and investors alike.

Article by SixJupiter