How Did the Fab Five Finish?
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -1.35%. The best performer of the bunch was Bitcoin, which went down 0.92% and currently is sitting near $8106.56 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 1.94%, which drove its price to around $143.7 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.
Price Patterns to Monitor
Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Technical traders may also wish to note the following developments in price action:
- Seems like it might be for bullish trend traders, as all of the major cryptos are clearly trending upwards.
Insights From Transaction Data
Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 77% more transactions recorded than Bitcoin, which was the runner up for the day in terms of transactions recorded. Ethereum has a transaction fee less than the transaction fee of Bitcoin, which may indicate that transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $114,119,904 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 68.34% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, moving between 67.6% to 69.22%.
Article by SixJupiter