The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Bitcoin Price Update
Bitcoin is down about 1.49% from the previous day, putting its price at $10,198.62 US dollars at the time of this writing. This is the 2nd consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. Since it is close above relative to its 20-day average price of $10,170.87, 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 $9,790.92 and $10,550.83 (in US dollars). The currency’s market cap is now at $182.87 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.26%. 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 drop of -0.25% the past two weeks. A drop in dominance may suggest the case for altcoins is getting stronger, and thus multiple cryptocurrencies may end up succeeding.
Update on Transactions and Hash Rate
343,778 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain fallen by approximately 2.35% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a form of savings. 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 22.59% in US dollars; meanwhile, the fee for sending transactions has been declining by 13.79% per week. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to trend upwards over the past 30 days. It has been rising daily by a rate of approximately 0.76%. Ultimately, the security of Bitcoin is growing stronger, because the hash rate trend is upwards — which implies the trend in mining strength is now more competitive. From this perspective, this behaviour may provide Bitcoin with the ability to attract more high-value transactions.
Bitcoin’s Wealth Concentration and Activity
2.48% of the 569.07 million Bitcoin wallets holding a positive balance have transacted within the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been moving by about 6,028.143 per day. The top 1% of Bitcoin wallets hold over 90.41% of the outstanding Bitcoin.