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Bitcoin price stumbles as its average transaction size and fee fall too

Following a small rally, Bitcoin price has taken a step backwards, falling by a slight 0.3%; taking transaction sizes with it.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 0.3% from the previous day, putting its price at $10,341.21 US dollars at the time of this writing. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 1.77% above its 20-day moving average, and over the past two weeks, the 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 $9,542.72 and $10,780.42 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $185.35 billion US dollars, which is about 69.44% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 68.95% and 70.84%. 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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Daily Engagement and Hash Rate Metrics Update

299,894 transactions were added to the Bitcoin blockchain in the previous day. The trend in daily transactions is not clear, though it should be noted that transactions have dropped by about 4.8% over the past week. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of wealth. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.72 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 7.88% in US dollars; meanwhile, the fee for sending transactions has been falling by 5.68% 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. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to trend upwards, ultimately rising daily by approximately 0.84%. Given the upward trend in bitcoin mining, it may be that hash rate is getting more intensive; this could result in the chain’s security improving. From this perspective, this behaviour may provide Bitcoin with the ability to earn greater trust from developers and investors alike.

Bitcoin’s Wealth Concentration and Activity

Over the past 30 days, 2.45% of the 567.99 million Bitcoin wallets holding a balance reported a transaction. The number of monthly active users is in a downtrend, falling about 14,493.52 per day over the past two weeks. In terms of ownership concentration, approximately 90.39% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

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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