Bitcoin Price Update
At the time of this writing, Bitcoin’s price is $10,401.35 US dollars, up approximately 4.05% from the day prior. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 3.82% below its 20-day moving average, and is currently in a downtrend over the past 14 days. At the moment, it’s about 3.82% below its 20-day average price of $10,814, which is close; climbing above the 20-day moving average may help foster bullish momentum. On the flip side, for those who prefer a rangebound view when trading, Bitcoin’s trading range — based on its momentum and volatility over the past two weeks — is between $9,339.59 and $12,288.42 (in US dollars). The currency’s market cap is now at $185.97 billion US dollars, and itsAfter market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.64%. Bitcoin’s dominance level hasn’t exhibited a clear trend over the past 14 days, instead of oscillating between 66.15% and 69.3%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.
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Update on Transactions and Hash Rate
Yesterday, the Bitcoin blockchain saw 323,625 transactions recorded on it. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have declined by about 4.08%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth.