Bitcoin Price Update
Bitcoin is down about 1.49% from the previous day, putting its price at $10,198.62 US dollars at the time of this writing. This is the 2nd consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. Since it is close above relative to its 20-day average price of $10,170.87, staying above the 20-day moving average may be important in terms of sustaining short-term momentum. 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 $9,790.92 and $10,550.83 (in US dollars). The currency’s market cap is now at $182.87 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 67.26%. 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 drop of -0.25% the past two weeks. A drop in dominance may suggest the case for altcoins is getting stronger, and thus multiple cryptocurrencies may end up succeeding.
Update on Transactions and Hash Rate
343,778 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain fallen by approximately 2.35% 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.