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Price Analysis

Bitcoin Cash Continues to Bleed, Falling 6.01%

As the cryptocurrency market continues to plummet, Bitcoin Cash sinks further, falling a further 6.01%.

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -1.72%. Leading the way was XRP, whose price is now around $0.244874 USD, which yielded holders a return of 2.96% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 6.01%, which drove its price to around $214.26 USD. In total, two coins were up from the day prior, which is a mixed sign for the crypto sector.

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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. Also of note for technical traders are the following developments in price action:

  • If coins without a clear trend is your thing, consider XRP, Litecoin, and Ethereum. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • Bitcoin and Bitcoin Cash are in a clear downtrend at this time.

Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 47% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $1,013,880,128 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $143.38 billion US dollars. That’s about 67.85% of the value of all circulating cryptocurrencies. Its dominance has been in an unclear trend over the past two weeks, bouncing between 67.23% to 69.98%.

Article by SixJupiter