Bitcoin Price Update
Bitcoin is down about 1.03% from the previous day, putting its price at $7,402.15 US dollars at the time of this writing. This marks the 2nd day in a row that Bitcoin has been down, and the coin is trending down. As price is currently somewhat close below its 20-day average price of $8,118.564, we may interpret that to mean a climb up to the 20-day moving average may be needed before momentum buyers come in. 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 $7,464.79 and $8,772.34 (in US dollars). In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $134.33 billion US dollars, which is about 65.36% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance has been trending down slightly, averaging a decline of -0.12% each day over the past two weeks. A decline in dominance may suggest a growing opportunity for investing in other coins, and as such, altcoins may constitute viable investment opportunities.
Daily Engagement and Hash Rate Metrics Update
Yesterday, the Bitcoin blockchain saw 303,843 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 1.65% over the past week. Bitcoin may end up functioning as a way to acquire goods or services if it does consistently increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees,