Bitcoin Starts the Week Off Mostly Flat, Down Just 0.23%

How Bitcoin miners make money without transaction fees

Bitcoin Price Update

Bitcoin s price at the moment is clocking in at $7,539.7, which means that since yesterday, it is down about 0.23%. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 1.36% above its 20-day moving average, and over the past two weeks, price has been in an unclear trend. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $6,848.27 and $8,029.13 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $135.05 billion US dollars, which is about 66.68% of the market capitalization of all cryptocurrencies 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 upward move of 0.06% the past two weeks. An upward move in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and so Bitcoin may end up being “the one currency” to rule them all.

Want to trade Bitcoin Consider the following brokers: CoinDirect, Gate, Yobit, Stex, Binance, DDEX


Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 278,853 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 4.21% over the past week. Bitcoin may end up functioning as a currency for transactions if it does consistently increase the number of daily transactions occurring on its chain. 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 down 7.2% in US dollars; meanwhile, the fee for sending transactions has been falling by 21.66% per 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. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, growing about 0.02% per day. 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 a point to bear in mind. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.

Related Articles

Should Beijing look at its crypto ban? A former bank member believes so

A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.

United Kingdom riddled with crypto scams

Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.

US lawmakers seek answers from Silvergate about FTX link

United States senators have requested information from Silvergate Capital regarding the firm's association with FTX.

Bitcoin value in Nigeria surges as cash-free society initiative expands

The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.

See All