Bitcoin Slide Continues, Dropping for the 9th Straight Day

BTC Bitcoin

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 0.6% from the previous day, putting its price at $8,084.99 US dollars at the time of this writing. This is now the 9th straight day that Bitcoin has headed down, and the coin’s prevailing trend over the past 14 days is down. As price is currently somewhat close below its 20-day average price of $8,880.051, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,105.93 and $9,654.18. The currency’s market cap is now at $145.93 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.14%. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 65.62% and 66.65%. 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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Update on Transactions and Hash Rate

321,086 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain declined by approximately 0.57% this past week, though it should be noted the trend is not clear at this time. Bitcoin may end up functioning as money to protect against political turmoil if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.69 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 8.35% in US dollars; meanwhile, the fee for sending transactions has been declining by 19.43% per week. When Bitcoin’s transaction fee and average transaction value are both in decline, the cause is typically the result of the exchange rate against the US dollar. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, falling about -0.12% per day. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being something to keep an eye on. As such, this might not enable Bitcoin to draw more capital to its chain.

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