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Bitcoin ekes out a small rally, but monthly active users remain in downtrend

While the leading token might be facing a modest uptrend in trading value, Bitcoin is facing a dip in active users at montly level.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

At the time of this writing, Bitcoin’s price is $10,558.69 US dollars, up approximately 0.64% from the day prior. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an uptrend, and is currently 3.95% above its 20-day moving average; staying above this level may be critical to 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 $9,251.15 USD and an upper boundary at $11,064.06 USD. Its market capitalization currently is estimated to be around $181.83 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 69.56%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going up slightly, as it has reported an average daily gain of 0.23% the past two weeks. A gain 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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Update on Transactions and Hash Rate

288,507 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have risen by about 1.49% over the past week. If Bitcoin does repeatedly grow transactions, it may need to derive its value as a way to acquire goods or services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.88 US dollars. The average transaction fee has been rising at a rate of about 7.9% per week, but the average amount of money sent in transactions, in US dollars, is up 28.16% week over week. Ultimately, we might conclude that Bitcoin is usable for a growing number of use cases because the rise in fees is coupled with substantially faster growth in transaction fees relative to transaction size. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been growing daily by a rate of approximately 0.51%. Ultimately, the security of Bitcoin is becoming harder to break, because the hash rate trend is upwards — which implies the trend in mining strength is now more intensive. From this perspective, this behaviour may provide Bitcoin with the ability to draw more capital to its chain.

How Active are Bitcoin’s Richest Wallets?

Over the past 30 days, 2.44% of the 565.68 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in a downtrend, falling about 22,247.62 per day over the past two weeks. The top 1% of Bitcoin wallets hold over 90.45% of the outstanding Bitcoin.

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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