Bitcoin Price Update
Bitcoin’s price at the moment is clocking in at $8,446.97, which means that since yesterday, it is down about 1.12%. This is the 5th consecutive day that Bitcoin has moved down, and the coin’s trend over the past two weeks is down. As price is currently somewhat far below its 20-day average price of $10,056.01, we may interpret that to mean prospective buyers may wish to wait for this gap to shorten a bit before jumping in. Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $8,804.28 and $11,307.75. The currency’s market cap is now at $150.94 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.26%. It may be worth paying attention to the trend in Bitcoin’s dominance; the currency’s dominance has been going down gradually, as it has reported an average daily fall of -0.2% the past two weeks. A fall in dominance may suggest the competition Bitcoin faces from other cryptocurrencies is real, and thus multiple cryptocurrencies may end up succeeding.
Update on Transactions and Hash Rate
347,747 transactions were recorded on the Bitcoin blockchain yesterday. Daily transactions recorded on the Bitcoin blockchain jumped by approximately 2.55% this past week, though it should be noted the trend is not clear at this time. If Bitcoin does repeatedly grow transactions, it may need to derive its value as money for buying certain goods/services. In terms of transaction fees,