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Price Analysis

Bitcoin Cash Drops Over 5%, As its Downtrend Remains

The contentious Bitcoin hard fork takes a hard tumble of over 5% as the week in the cryptocurrency market kicks off.

How Did the Fab Five Finish?

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -1.08%. Leading the way was Litecoin, whose price is now around $59.51 USD, which yielded holders a return of 1.23% 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 5.18%, which drove its price to around $263.31 USD. Only one of the coins had up days, which indicates almost the entirety of the sector as a whole moved down.

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Price Patterns to Monitor

The moves in Bitcoin Cash and Ethereum were especially surprising; they were much larger than the normal daily trading range associated with the currency. Technical traders may also wish to note the following developments in price action:

  • Litecoin and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
  • Currencies in clear downtrend over the past two weeks are XRP, Bitcoin and Bitcoin Cash. If you prefer bear markets, they might be up your alley.
  • Momentum traders will want to note that Litecoin 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.


What Does Transaction Data Tell Us?

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 66% 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $35,532,876 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $152.71 billion US dollars. That’s about 65.62% of the value of all circulating cryptocurrencies. Its dominance has been in a downtrend over the past two weeks, going between 65.62% to 67.07%.

Article by SixJupiter