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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.

Written by SixJupiter Published on

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

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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