Recap of the Top Five Cryptos
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.61%. The best performer of the bunch was Litecoin, which went up 0.03%. On the flip side, the worst performer was Bitcoin Cash coming in at -1.57%. Out of the five coins observed here, one cryptocurrency was up — which indicates the almost the entirety of the sector as a whole moved down as a whole.
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:
- This market is favoring those who can do well in choppy markets, as none of the major coins have a clear directional trend over the past two weeks.
Insights from the Blockchains
Ripple recorded 948,562 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 21% over Ethereum, which had the second most transactions recorded on its chain. 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 $240,173,248 US dollars. Bitcoin has the largest market capitalization, which may shed insight into why it has been able to attract the largest transactions to its chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $138.18 billion US dollars. That’s about 55.54% of the value of all circulating cryptocurrencies. Bitcoin’s dominance level has persisted at roughly the same rate over the past month, regardless of how the crypto market has been trending during that time.
Article by SixJupiter