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Bitcoin’s Slow Slide Continues, As it Drops 0.39% and is Now Testing $8,000 USD Price Level

Bitcoin price continues to slip, as it battles to break the downtrend. The leading cryptocurrency falls a further 0.39% ahead of the weekend.

Bitcoin: What’s the Latest Regarding its Price?

Bitcoin is down about 0.39% from the previous day, putting its price at $8,053.45 US dollars at the time of this writing. This is the 10th consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. As price is currently somewhat close below its 20-day average price of $8,826.454, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. On the other hand, if you are a rangebound trader seeking a range for Bitcoin to bounce between, you might find a lower boundary at $8,071.86 USD and an upper boundary at $9,581.05 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $137.08 billion US dollars, which is about 66.11% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 65.62% and 66.65%. As its dominance level doesn’t have a clear direction at the moment, one could argue it isn’t clear yet whether altcoins will survive — or if Bitcoin will capture the entire market and the vast majority of use cases for cryptocurrencies.

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Update on Transactions and Hash Rate

323,954 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain dropped by approximately 2.89% this past week, though it should be noted the trend is not clear at this time. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as a store of wealth. Yesterday, Bitcoin’s average fee per transaction came in at $0.69. The average transaction fee has been falling at a rate of about 19.43% per week, but the average amount of money sent in transactions, in US dollars, is down 12.85% week over week. When Bitcoin’s transaction fee and average transaction value are both in decline, the cause is typically the result of the exchange rate against the US dollar. Regarding Bitcoin’s hash rate, which serves as a measure of the network’s computational power, it has managed to bounce around over the past 30 days. It has been declining daily by a rate of approximately -0.03%. A trend in hash rate that is unclear suggests that mining is becoming harder to interpret and that the chain is thus being a point to bear in mind. From this perspective, this behaviour may not provide Bitcoin with the ability to earn greater trust from developers and investors alike.

Article by SixJupiter