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Bitcoin Stuns with 17% Rally, Soaring Back Above 20-Day Average

After several days of low movement and dipping values, Bitcoin has surged in price pushing back to above $9000.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is up about 17.14% from the previous day, putting its price at $8,671.1 US dollars at the time of this writing. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 6.09% above its 20-day moving average, and is currently in an unclear trend over the past 14 days. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $7,571.2 and $8,775.69. Its market capitalization currently is estimated to be around $172.66 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 68.13%. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 65.36% and 68.13%. 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

328,598 transactions were recorded on the Bitcoin blockchain yesterday. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 1.44%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as money for buying certain goods/services if it does repeatedly increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.86 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 4.22% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 0.7% 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 0.26% per day. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being a point to bear in mind. As such, this might not enable Bitcoin to attract more high-value transactions.

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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