How Did Bitcoin’s Price Fare Yesterday?
Bitcoin’s price at the moment is clocking in at $10,109.46, which means that since yesterday, it is down about 0.59%. This is now the 2nd straight day that Bitcoin has headed down, but the coin’s prevailing trend over the past 14 days is up. It is currently 0.15% below its 20-day moving average of $10,125.02, which is close; climbing above the 20-day moving average may help foster bullish momentum. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $9,236.61 and $11,013.43. The currency’s market cap is now at $180.23 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 69.35%. It should be noted, though, that Bitcoin’s dominance has been gradually moving up, reporting an average daily upward move of 0.14% over the past 14 days. An upward move in dominance may suggest cryptocurrency activity is consolidating on the Bitcoin blockchain, and that Bitcoin’s chances for long-term survival are thus enhanced.
Update on Transactions and Hash Rate
Yesterday, the Bitcoin blockchain saw 339,858 transactions recorded on it. Daily transactions recorded on the Bitcoin blockchain declined by approximately 2.55% 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 form of savings. In terms of transaction fees, the average cost for sending Bitcoin yesterday ended up being approximately $1.06 US dollars.