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Bitcoin Rises 3.6% as Transaction Size Grows

Bitcoin price sees a little spike in its trajectory at the same time as while the token’s transaction fee sees a slight decline.

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $8,247.25 US dollars, up approximately 3.6% 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 unclear. As price is currently close above its 20-day average price of $8,206.323, we may interpret that to mean staying above the 20-day moving average may be important in terms of sustaining short-term 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 $7,772.26 USD and an upper boundary at $8,640.39 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $148.45 billion US dollars, which is about 66.43% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been gradually moving down, reporting an average daily decline of 0.07% over the past 14 days. A decline in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 289,796 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 0.12%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Ultimately, if the currency does consistently succeed in growing transactions on its chain, its primary utility may be as a currency for transactions. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.48 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 18.25% in US dollars; meanwhile, the fee for sending transactions has been falling by 11.11% per week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately growing daily by approximately 0.19%. A trend in hash rate that is unclear suggests that mining is becoming more uncertain in a way and that the chain is thus being something to pay attention to. From this perspective, this behaviour may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

Article by SixJupiter