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Bitcoin’s Struggles Continue, as Currency Falls Another 1.12%

The cryptocurrency market continues to see plummeting prices, as Bitcoin takes a minor tumble further down by 1.12%.

Bitcoin Price Update

Bitcoin’s price at the moment is clocking in at $8,446.97, which means that since yesterday, it is down about 1.12%. This is the 5th consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. As price is currently somewhat far below its 20-day average price of $10,056.01, we may interpret that to mean prospective buyers may wish to wait for this gap to shorten a bit before jumping in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,804.28 and $11,307.75. The currency’s market cap is now at $150.94 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.26%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down gradually, as it has reported an average daily fall of -0.2% the past two weeks. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and thus multiple cryptocurrencies may end up succeeding.

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Update on Transactions and Hash Rate

347,747 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain jumped by approximately 2.55% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does repeatedly grow transactions, it may need to derive its value as money for buying certain goods/services. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.03 US dollars. Transaction fees have been increasing by approximately 4.72% per week, while the average transaction size is up 20.79% in US dollars. In other words, transaction sizes are growing faster than transaction fees are, so the rise in fees may be very encouraging; Bitcoin may be usable for a growing number of use cases. 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 0.58%. 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 computationally difficult. This may help Bitcoin draw more capital to its chain.

Bitcoin’s Wealth Concentration and Activity

There are 572.15 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.49% of those wallets have received or sent Bitcoin in the past 30 days. The number of monthly active users is in an uptrend, rising about 18,231.1 per day over the past two weeks. Over 90.33% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

Article by SixJupiter