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Bitcoin manages a small rally of almost 1%, but dominance uptrend resumes

Bitcoin price has been bearish with a two-weel downtrend, despite the minor rally this weekend. The dominance of thr token remains.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $9,617.2, which means that since yesterday, it is up about 0.92%. This is the 2nd consecutive day that Bitcoin has moved up, but the coin’s trend over the past two weeks is down. As price is currently somewhat close below its 20-day average price of $10,250.27, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. 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 $9,520.71 USD and an upper boundary at $10,979.83 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $171.51 billion US dollars, which is about 68.95% of the market capitalization of all cryptocurrencies. It should be noted, though, that Bitcoin’s dominance has been slightly moving up, reporting an average daily rise of 0.08% over the past 14 days. A rise in dominance may suggest the case for altcoins is getting weaker, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 342,195 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have jumped by about 4.35%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a currency for transactions if it does consistently increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.67 US dollars. The average transaction fee has been declining at a rate of about 32.83% per week, but the average amount of money sent in transactions, in US dollars, is down 0.61% week over week. Bitcoin’s transaction fee and average transaction value are both declining, though that is likely to change if Bitcoin’s price sustains a stronger rally going forward. 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 0.15%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand and that the chain is thus being something to keep an eye on. From this perspective, this behaviour may not provide Bitcoin with the ability to attract more high-value transactions.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.51% of the 562.73 million Bitcoin wallets holding a balance reported a transaction. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been leaping by about 18,608.74 per day. The top 1% of Bitcoin wallets hold over 90.39% of the outstanding Bitcoin.

Article by SixJupiter