How the Fab Five Fared
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 2.51%. Leading the way was Litecoin, which yielded holders a return of 7.91% from the day prior. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of 0.73%. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.
Price Patterns to Monitor
Litecoin had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- These coins — Bitcoin, Bitcoin Cash, and Ethereum — don’t have a clear trend at this time, at least on a two-week timeframe.
- XRP is in a clear downtrend on a two-week timeframe. This could an interesting opportunity for short sellers.
Insights from the Blockchains
Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 15% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum has a transaction fee greater than the transaction fee of Ripple, which may indicate that consumers are opting for Ethereum in spite of its higher fees. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $474,469,056 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 55.09% of the value of all circulating cryptocurrencies — a slight drop relative to its dominance level yesterday.
Article by SixJupiter