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Price Analysis

Bitcoin Cash Jumps 5.45%, Crossing 20-Day Average

The Bitcoin hard fork has seen a spike in price at a time when the cryptocurrency market battles to find its stability.

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 1.99%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 5.45%, which has its price now near $224.76 USD. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 1.32%, which drove its price to around $0.288156 USD. In total, four coins were up from the day prior, which is a bullish sign for the sector.

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Key Technical Moves

It should be noted that the price behaviour of Bitcoin and Bitcoin Cash was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Also of note for technical traders are the following developments in price action:

  • Trend traders may wish to keep an eye on XRP. It has clearly exhibited a bullish trend over the past two weeks.
  • If coins without a clear trend are your thing, consider Bitcoin and Bitcoin Cash. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • Currencies in clear downtrend over the past two weeks are Litecoin and Ethereum. If you prefer bear markets, they might be up your alley.
  • Ethereum is getting close to its 20-day moving average; its current price is 175.84, and its 20-day moving average is 179.3295.
  • Also of note is that Bitcoin and Bitcoin Cash crossed their 20-day moving averages yesterday.

Insights from the Blockchains

Ripple recorded 803,331 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 24% over Ethereum, which had the second-most transactions recorded on its chain. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $27,108,088 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $148.45 billion US dollars. That’s about 66.43% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in a downtrend, going between 65.85% to 66.95% over the past two weeks.

Article by SixJupiter