Bitcoin rallies again, jumping 1.81%, as hash rate continues to trend upwards

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is up about 1.81% from the previous day, putting its price at $10,372.29 US dollars at the time of this writing. This is now the 2nd straight day that Bitcoin has headed up, but the coin’s prevailing trend over the past 14 days is unclear. It is currently 2.17% above its 20-day moving average of $10,152.16, which is close; staying above the 20-day moving average may be important in terms of sustaining short-term 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 $9,439.79 and $10,864.53 (in US dollars). Its market capitalization currently is estimated to be around $185.02 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 69.98%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 68.94% and 70.84%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies

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Straight Off the Chain

308,856 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 fallen by about 5.3%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does not grow transactions, it may need to derive its value as a form of savings. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.92 US dollars. The average transaction fee has been declining at a rate of about 0.34% per week, but the average amount of money sent in transactions, in US dollars, is up 0.79% week over 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 growing daily by approximately 0.8%. Given the upwards trend in bitcoin mining, it may be that hash rate is getting more intensive; this could result in the chain’s security growing stronger. As such, this might enable Bitcoin to attract more high-value transactions.

What are the Richest Hodlers Doing?

There are 567.6 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.45% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been sinking by about 17,951.69 per day. Over 90.4% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.