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Bitcoin Drops 2.3% Bringing Dominance To Dipping Levels

Bitcoin price

Bitcoin Price Update

At the time of this writing, Bitcoin’s price is $7,986.18 US dollars, down approximately 2.3% from the day prior. This is now the 2nd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is unclear. It is currently 2.67% below its 20-day moving average of $8,205.451, which is close; climbing above the 20-day moving average may help foster bullish 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 $7,780.13 USD and an upper boundary at $8,630.78 USD. Its market capitalization currently is estimated to be around $142.37 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 65.85%. Bitcoin’s dominance has been trending down gradually, averaging a decline of -0.11% each day over the past two weeks. A decline in dominance may suggest a growing opportunity for investing in other coins, and so a world with many viable competing coins may be what we are headed towards.

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Update on Transactions and Hash Rate

334,105 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have dropped by about 0.86%, 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 form of savings if it does not 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 $0.69 US dollars. The average transaction fee has been falling at a rate of about 2.87% per week, but the average amount of money sent in transactions, in US dollars, is up 21.2% week over week. 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 growing daily by a rate of approximately 0.13%. Ultimately, the security of Bitcoin is being something to pay attention to, because the hash rate trend is unclear — which implies the trend in mining strength is now harder to interpret. This may not help Bitcoin earn greater trust from developers and investors alike.

How Active are Bitcoin’s Richest Wallets?

There are 580.18 million Bitcoin wallets with at least some positive amount of Bitcoin, but only 2.38% of those wallets have received or sent Bitcoin in the past 30 days. In terms of engagement, note that the number of monthly active users in Bitcoin has been dropping by about 28,167.87 per day. The top 1% of Bitcoin wallets hold over 90.29% of the outstanding Bitcoin.

Article by SixJupiter

The post Bitcoin Drops 2.3% Bringing Dominance To Dipping Levels appeared first on Coin Insider.

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