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Bitcoin up 1.3% from previous day, as uptrends in dominance and price remain intact

Bitcoin is trading in a tight zone currently, but is maintaining its price with a slight boost upwards. The token’s dominance remains.

Written by SixJupiter Published on

Bitcoin: What’s the Latest Regarding its Price?

At the time of this writing, Bitcoin’s price is $11,385.06 US dollars, up approximately 1.3% from the day prior. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in an uptrend, and is currently 6.73% above its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. Given that its distance from its 20-day moving average of $10,667.25 is somewhat close, it may mean that a fall down to the 20-day moving average may draw dip buyers in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,957.65 and $12,376.86. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $202.86 billion US dollars, which is about 68.31% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending up gradually, averaging an upward move of 0.56% each day over the past two weeks. An upward move in dominance may suggest the network effects surrounding Bitcoin are getting stronger, and thus participants of all kinds — investors, merchants, application developers — may flock to Bitcoin in increasing numbers.

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Update on Transactions and Hash Rate

Yesterday, the Bitcoin blockchain saw 273,280 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have fallen by about 0.09%, 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 to protect against political turmoil if it does not increase the number of daily transactions occurring on its chain. Yesterday, Bitcoin’s average fee per transaction came in at $1.51. The average transaction fee has been rising at a rate of about 35.84% per week, but the average amount of money sent in transactions, in US dollars, is down 6.33% week over week. Last but certainly not least, Bitcoin’s hash rate continues to trend upwards on a 30-day basis, rising about 0.61% per day. Given the upward trend in bitcoin mining, it may be that the hash rate is getting more computationally difficult; this could result in the chain’s security improving. As such, this might enable Bitcoin to earn greater trust from developers and investors alike.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.52% of the 555.59 million Bitcoin wallets holding a balance reported a transaction. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been falling by about 17,932.74 per day. In terms of ownership concentration, approximately 90.63% 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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