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Bitcoin’s Woes Continue, as it Falls Another 4% to Below $8,000

Bitcoin price takes a dive deeper into bullish zones as the cryptocurrency’s price falls a further 4% to sink below $8,000.

Written by SixJupiter Published on

How Did Bitcoin’s Price Fare Yesterday?

Bitcoin is down about 4.12% from the previous day, putting its price at $7,792.36 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. It is currently 18.32% below its 20-day moving average of $9,540.277, which is somewhat far; 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 $7,586.38 and $11,494.17. Its market capitalization currently is estimated to be around $150.53 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 67.36%. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 67.23% and 68.89%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.

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Daily Engagement and Hash Rate Metrics Update

311,396 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain dropped by approximately 2.77% this past week; to wit, the trend is clear at this time. Ultimately, if the currency does not succeed in growing transactions on its chain, its primary utility may be as money to protect against political turmoil. Yesterday, Bitcoin’s average fee per transaction came in at $1.06. The size of the typical transaction on Bitcoin’s blockchain is up 8.86% in US dollars; meanwhile, the fee for sending transactions has been declining by 7% per week. Last but certainly not least, Bitcoin’s hash rate continues to bounce around on a 30-day basis, gaining about 0.42% per day. Given the unclear trend in bitcoin mining, it may be that hash rate is getting more uncertain in a way; this could result in the chain’s security being something to keep an eye on. As such, this might not enable Bitcoin to draw more capital to its chain.

What are the Richest Hodlers Doing?

Over the past 30 days, 2.46% of the 573.9 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 moving by about 7,827.123 per day. In terms of ownership concentration, approximately 90.26% of the outstanding Bitcoin is owned by just 1% of the wallets with a positive balance.

Article by SixJupiter

Written by

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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