How Did Bitcoin’s Price Fare Yesterday?
At the time of this writing, Bitcoin’s price is $9,233.35 US dollars, up approximately 0.52% from the day prior. Yesterday’s up day is a reversal of the day before it. In terms of trend, though, note that the current price is now 6.14% above its 20-day moving average, and is currently in an up trend over the past 14 days. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $7,200.57 and $10,197.73. In terms of its overall importance in the cryptocurrency market, Bitcoin’s current market capitalization is $169.1 billion US dollars, which is about 66.43% of the market capitalization of all cryptocurrencies. Bitcoin’s dominance level has been without a clear trend over the past two weeks, fluctuating between 65.36% and 68.13%. Without a clear trend in dominance, the jury is still up for grabs as to whether or not Bitcoin will be the only cryptocurrency that succeeds.
Straight Off the Chain
332,839 transactions were added to the Bitcoin blockchain in the previous day. Regarding growth in actual usage of the blockchain for transactions, observe that over the past 7 days daily transactions have dropped by about 0.67%, though it should be noted this past week the trend should be described as not clear — at least on a two-week basis. Bitcoin may end up functioning as a store of wealth if it does not increase the number of daily transactions occurring on its chain. As for Bitcoin’s transaction fees, the average transaction fee yesterday was $1.44 US dollars.