Bitcoin: What’s the Latest Regarding its Price?
Bitcoin is down about 9.1% from the previous day, putting its price at $7,479.54 US dollars at the time of this writing. Yesterday’s down day is a reversal of the day before it. In terms of trend, though, note that the current price is now 8.28% below its 20-day moving average, and is currently in a downtrend over the past 14 days. 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 $7,594.98 and $8,714.82 (in US dollars). The currency’s market cap is now at $133.51 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 65.65%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down slowly, as it has reported an average daily fall of -0.1% the past two weeks. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and as such, altcoins may constitute viable investment opportunities.
Straight Off the Chain
Yesterday, the Bitcoin blockchain saw 349,320 transactions recorded on it. The trend in daily transactions is not clear, though it should be noted that transactions have jumped by about 2.5% over the past week. If Bitcoin does regularly grow transactions, it may need to derive its value as a way to acquire goods or services. Yesterday,