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Price Analysis

Bitcoin Cash Drops 2.06%, But Trend Remains Bullish

While Bitcoin Cash’s price might have taken a 2.06%, knock, the trend over the past two weeks still shows hopeful signs of a recovery.

Written by SixJupiter Published on

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.92%. Leading the way was Bitcoin, whose price is now around $9157.52 USD, which yielded holders a return of -0.13% from the day prior. On the flip side, the worst performer was Bitcoin Cash coming in at -2.06%; its price is now near $282.78 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector 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:

  • Trend traders may wish to keep an eye on Litecoin, Bitcoin and Bitcoin Cash. Those coins have clearly exhibited a bullish trend over the past two weeks.
  • XRP and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
  • Momentum traders will want to note that XRP and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 118% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $91,714,360 US dollars. The circulating value of all Bitcoins now comes in at approximately $164.23 billion US dollars — which means Bitcoin accounts for about 67.1% of the entire cryptocurrency market. Its dominance has been in an unclear trend over the past two weeks, ranging between 65.36% to 68.13%.

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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