How Did Bitcoin’s Price Fare Yesterday?
Bitcoin is up about 4.96% from the previous day, putting its price at $8,581.88 US dollars at the time of this writing. The up day for Bitcoin yesterday was a reversal from the day before it. Price now stands at 0.61% above its 20-day moving average, and over the past two weeks, price has been in an unclear trend. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,098.94 and $8,960.33. Its market capitalization currently is estimated to be around $151.71 billion US dollars, while it’s market dominance (percent of total crypto market) is estimated to be 66.95%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slightly, as it has reported an average daily decline of -0.16% the past two weeks. A decline in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and as such, altcoins may constitute viable investment opportunities.
Daily Engagement and Hash Rate Metrics Update
Yesterday, the Bitcoin blockchain saw 345,048 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 2.59% over the past week. Ultimately, if the currency does regularly succeed in growing transactions on its chain, its primary utility may be as a way to acquire goods or services. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $0.81 US dollars. Transaction fees have been declining by approximately 22.89% per week,