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Bitcoin Stuns With a Drop of Over 9%

The price of Bitcoin takes a massive knock with a near 10% decrease, shocking the market into a red zone of trading.

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 9.1% from the previous day, putting its price at $7,479.54 US dollars at the time of this writing. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 8.28% below its 20-day moving average, and is currently in a downtrend over the past 14 days. 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 $7,594.98 and $8,714.82 (in US dollars). The currency’s market cap is now at $133.51 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 65.65%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily fall of -0.1% the past two weeks. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and as such, altcoins may constitute viable investment opportunities.

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Straight Off the Chain

Yesterday, the Bitcoin blockchain saw 349,320 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 2.5% over the past week. If Bitcoin does regularly grow transactions, it may need to derive its value as a way to acquire goods or services. Yesterday, Bitcoin’s average fee per transaction came in at $0.69. Transaction fees have been declining by approximately 15.85% per week, while the average transaction size is down 7.01% in US dollars. 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 growing daily by approximately 0.3%. Ultimately, the security of Bitcoin is improving, because the hash rate trend is upwards — which implies the trend in mining strength is now more intensive. This may help Bitcoin attract more high-value transactions.

Article by SixJupiter