Bitcoin Price Update
Bitcoin’s price at the moment is clocking in at $8,394.28, which means that since yesterday, it is down about 3.67%. The down day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 1.66% above its 20 day moving average, and over the past two weeks, price has been in an an up trend. 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 $7,570.63 and $8,943.89 (in US dollars). The currency’s market cap is now at $151.57 billion US dollars, and it’s market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 66.47%. It should be noted, though, that Bitcoin’s dominance has been slowly moving down, reporting an average daily fall of 0.29% over the past 14 days. A fall in dominance may suggest a growing opportunity for investing in other coins, and thus multiple cryptocurrencies may end up succeeding.
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Straight Off the Chain
329,918 transactions were added to the Bitcoin blockchain in the previous day. Daily transactions recorded on the Bitcoin blockchain declined by approximately 1.69% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does not grow transactions, it may need to derive its value as a store of wealth. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $0.54 US dollars. The size of the typical transaction on Bitcoin’s blockchain is down 18.48% in US dollars;