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Bitcoin Cash Joins Bitcoin in Consolidation Trend, as Both Trade in Tight Range

Both Bitcoin and its hard fork Bitcoin Cash are heading into a consolidation trend, and both remain close to 20-day moving average.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -2.11% in aggregate. The best performer of the bunch was Bitcoin, which went up 0.49% and currently is sitting near $10036.98 USD. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 4.54%, which drove its price to around $0.278824 USD. 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.

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Key Technical Moves

Buy Litecoin online

It should be noted that the price behaviour of Litecoin is especially curious, as its move yesterday was much larger than its normal daily trading range. Also of note for technical traders are the following developments in price action:

    Looking for an uptrend? The most reliable uptrends can be found in XRP, Litecoin, and Ethereum.

  • Currencies without a clear trend over the past two weeks are Bitcoin and Bitcoin Cash. If you prefer choppy, rangebound markets, they might be up your alley.
  • Litecoin, Bitcoin, and Bitcoin Cash may be worth keeping an eye on, as they are getting quite close to their respective 20-day moving average. Crossing the 20 day average with conviction often accelerates a trend, according to some technical traders.

Insights From Transaction Data

Ripple recorded 1,002,281 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 70% 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 $20,800,262 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 67.83% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in a downtrend, stepping between 67.23% to 69.98% over the past two weeks.

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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