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Bitcoin rallies for the second straight day, jumping 2.15%

Bitcoin price has been hanging around the $10,000 zone of trading value for several days and it has yet to break either way.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $10,371.43 US dollars, up approximately 2.15% from the day prior. This is the 2nd consecutive day that Bitcoin has moved up, but the coin’s trend over the past two weeks is down. It is currently 3.25% below its 20-day moving average of $10,720.01, which is close; climbing above the 20-day moving average may help foster bullish momentum. 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 $9,939.57 USD and an upper boundary at $11,500.44 USD. Its market capitalization currently is estimated to be around $184.95 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.33%. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 67.16% and 68.64%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.

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Update on Transactions and Hash Rate

288,934 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain dropped by approximately 1.91% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as money to protect against political turmoil. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 22.63% in US dollars; meanwhile, the fee for sending transactions has been declining by 17.1% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, gaining about 0.14% per day. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now more uncertain in a way. As such, this might not enable Bitcoin to attract more high-value transactions.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.51% of the 560.53 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in an unclear trend, moving about 5,380.42 per day over the past two weeks. Over 90.53% 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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