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Bitcoin Starts the Week With a Fall, Dropping 1.89%

The cryptocurrency market kicks off the week with a drop as Bitcoin price falls nearly 2% following a bullish week.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,702.59, which means that since yesterday, it is down about 1.89%. This is the 2nd consecutive day that Bitcoin has moved down, but the coin’s trend over the past two weeks is up. As price is currently somewhat close above its 20-day average price of $7,981.641, we may interpret that to mean a fall down to the 20-day moving average may draw dip buyers 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 $7,114.62 USD and an upper boundary at $8,848.66 USD. Its market capitalization currently is estimated to be around $157.75 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.51%. Bitcoin’s dominance has been trending down slowly, averaging a drop of -0.28% each day over the past two weeks. A drop in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and thus multiple cryptocurrencies may end up succeeding.

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Daily Engagement and Hash Rate Metrics Update

283,960 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have fallen by about 0.63%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does not grow transactions, it may need to derive its value as a form of savings. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.48 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 9.02% in US dollars; meanwhile, the fee for sending transactions has been falling by 3.97% per week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been growing daily by a rate of approximately 0.39%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to interpret. As such, this might not enable Bitcoin to attract more high-value transactions.

Article by SixJupiter