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Bitcoin Drops 0.82% as Dominance Downtrend Continues

coininsider

10mon ago

At the time of this writing, Bitcoin’s price is $8,296.34 US dollars, down approximately 0.82% from the day prior. This is now the 3rd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is unclear. As price is currently close above its 20-day average price of $8,290.344, we may interpret that to mean staying above the 20-day moving average may be important in terms of sustaining short-term momentum. 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 $7,825.21 USD and an upper boundary at $8,755.48 USD. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $149.55 billion US dollars, which is about 66.32% of the market capitalization of all cryptocurrencies. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slightly, as it has reported an average daily drop of -0.12% the past two weeks. A drop in dominance may suggest the case for altcoins is getting stronger, and as such, altcoins may constitute viable investment opportunities.

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Yesterday, the Bitcoin blockchain saw 279,487 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have grown by about 0.21%, 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 a way to acquire goods or services if it does repeatedly increase the number of daily transactions occurring on its chain. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.57 US dollars. The size of the typical transaction on Bitcoin’s blockchain is up 3.02% in US dollars; meanwhile, the fee for sending transactions has been decreasing by 21.21% per week. In terms of how much computing power Bitcoin is using, over the past 30 days its hash rate has continued to bounce around, ultimately gaining daily by approximately 0.19%. A trend in hash rate that is unclear suggests that mining is becoming harder to understand and that the chain is thus being something to pay attention to. This may not help Bitcoin draw more capital to its chain.

There are 578.71 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.39% of those wallets have received or sent Bitcoin in the past 30 days. It should be noted that over the past two weeks, the number of monthly active users of Bitcoin has been moving by about 20,830 per day. Over 90.33% of the outstanding Bitcoin is held by the top 1% of Bitcoin wallets.

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