Bitcoin: What’s the Latest Regarding its Price?
Bitcoin is down about 1.81% from the previous day, putting its price at $10,212.66 US dollars at the time of this writing. The past 24 hours mark a reversal in price from the day prior. It should be noted, though, that price is still in a downtrend, and is currently 6.27% below its 20-day moving average; staying above this level may be critical to sustaining short-term momentum. Given that its distance from its 20-day moving average of $10,895.56 is somewhat close, it may mean that a climb up to the 20-day moving average may be needed before momentum buyers come in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $9,523.05 and $12,268.07. The currency’s market cap is now at $181.44 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.16%. As for the recent behaviour, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 66.31% and 69.3%. 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
288,256 transactions were recorded on the Bitcoin blockchain yesterday. The trend in daily transactions is not clear, though it should be noted that transactions have dropped by about 3.8% over the past week. If Bitcoin does not grow transactions, it may need to derive its value as a store of value.