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Bitcoin breaks downstreak with a small rally; downtrend remains

While Bitcoin price makes a small rally upwards, the token still remains in a downtrend in value; hovering below $10,000.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $9,529.11 US dollars, up approximately 0.38% 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 a downtrend, and is currently 7.77% below its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. It is now approximately 7.77% below its average price over the past 20 days of $10,332.24, which is somewhat close; 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 $9,644.64 and $11,019.85. Its market capitalization currently is estimated to be around $172.09 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.94%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 67.82% and 68.94%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 349,200 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have grown by about 3.4% over the past week. Ultimately, if the currency does regularly succeed in growing transactions on its chain, its primary utility may be as a way to acquire goods or services. Yesterday, Bitcoin’s average fee per transaction came in at $0.93. The size of the typical transaction on Bitcoin’s blockchain is down 11.79% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 30.73% per week. The decline in Bitcoin’s transaction fee is welcome, but the decline in average transaction value may hinder the narrative of Bitcoin as a currency for large transactions. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately rising daily by approximately 0.16%. Ultimately, the security of Bitcoin is being something to keep an eye on, because the hash rate trend is unclear — which implies the trend in mining strength is now more uncertain in a way. From this perspective, this behaviour may not provide Bitcoin with the ability to draw more capital to its chain.

Bitcoin’s Wealth Concentration and Activity

There are 562.37 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.52% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been moving by about 18,859.03 per day. In terms of ownership concentration, approximately 90.51% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

Written by

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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