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Price Analysis

All Top Cryptos Rally, But Only Slightly, Averaging A Gain of 0.71%

After yesterday’s drop in the average trading values for the cryptocurrency market, the leading tokens see a marginal gain.

Written by SixJupiter Published on

How the Fab Five Fared

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 0.71%. Leading the way was Ethereum, whose price is now around $169.36 USD, which yielded holders a return of 1.55% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at up 0.07%, which drove its price to around $343.52 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

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Price Action to Watch

None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.


Insights from the Blockchains

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 74% more transactions recorded than Bitcoin, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also less than Bitcoin’s, suggesting 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 $71,315,104 US dollars. The circulating value of all Bitcoins now comes in at approximately $158.69 billion US dollars — which means Bitcoin accounts for about 65.77% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, dropping between 65.77% to 69.22% over the past two weeks.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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