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Bitcoin Trades in Tight Range Again After A Dipped Day

Bitcoin price has seen a modest 0.36% gain after yesterday’s price shift. Despite the gains, the token stays close to its 20-day average.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin’s price at the moment is clocking in at $8,276.58, which means that since yesterday, it is up about 0.36%. This is now the 3rd straight day that Bitcoin has headed up, but the coin’s prevailing trend over the past 14 days is unclear. Since it is close above relative to its 20-day average price of $8,199.808, staying above the 20-day moving average may be important in terms of sustaining short-term momentum. 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 $7,816.04 and $8,583.58 (in US dollars). Its market capitalization currently is estimated to be around $147.78 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.13%. Bitcoin’s dominance has been trending down gradually, averaging a decline of -0.07% each day over the past two weeks. A decline in dominance may suggest the case for altcoins is getting stronger, and so a world with many viable competing coins may be what we are headed towards.

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Daily Engagement and Hash Rate Metrics Update

Yesterday, the Bitcoin blockchain saw 351,791 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have jumped by about 3.35%, 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 repeatedly grow transactions, it may need to derive its value as a currency for transactions. Yesterday, Bitcoin’s average fee per transaction came in at $0.48. The average transaction fee has been declining at a rate of about 16.66% per week, but the average amount of money sent in transactions, in US dollars, is down 14.49% week over 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 bounce around, ultimately growing daily by approximately 0.26%. Given the unclear trend in bitcoin mining, it may be that hash rate is getting harder to understand; this could result in the chain’s security being something to keep an eye on. As such, this might not enable Bitcoin to earn greater trust from developers and investors alike.

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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