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Price Analysis

All Top Cryptos Down for the Day, As Bitcoin Cash Sees a 6.33% Decline

Bitcoin Cash price sees a 6.33% decline as the cryptocurrency market falls into a flat zone of trading.

Recap of the Top Five Cryptos

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -2.74%. Out of the aforementioned five, Ethereum gave investors the best daily return; it was down 1%, which has its price now near $178.23 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 6.33%, which drove its price to around $246.65 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

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Key Technical Moves

It should be noted that the price behaviour of Bitcoin Cash is especially curious, as its move yesterday was much larger than its normal daily trading range. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Over the past two weeks, the five largest cryptos have been in a downtrend. It might be time to bust out the short-selling trading strategies or wait until the bearishness subsides before buying.
  • Litecoin is getting close to its 20-day moving average; its current price is 58.850628, and its 20-day moving average is 60.20.

Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,151,101 transfers added was about 54% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $149,706,256 US dollars. The circulating value of all Bitcoins now comes in at approximately $147.37 billion US dollars — which means Bitcoin accounts for about 66% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, sinking between 65.62% to 66.83%.

Article by SixJupiter