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Price Analysis

Bitcoin Cash Leads the Way, Up 3.69%, as Cryptos Start the Week With a Rally

The cryptocurrency market has kicked off the week with a rally, with Bitcoin Cash leading with a moderate near 4% increase.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 2.25%. Leading the way was Bitcoin Cash, whose price is now around $293.08 USD, which yielded holders a return of 3.69% from the day prior. In terms of the worst performer, that would be XRP, which reported a day-over-day return of 0.07% — a move that puts its price around $0.279059 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

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Price Patterns to Monitor

The moves in Bitcoin, Bitcoin Cash and Ethereum were especially surprising; they were much larger than the normal daily trading range associated with the 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. It has clearly exhibited a bullish trend over the past two weeks.
  • Bitcoin, Bitcoin Cash and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
  • If you’re looking for a coin in a downtrend, XRP might be one worth considering; it’s been in consistently heading downwards for the past two weeks.
  • Also of note is that Bitcoin just crossed its 20-day moving average yesterday.

Insights from the Blockchains

Ripple recorded 1,130,681 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 77% 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 $40,731,028 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $158.64 billion US dollars. That’s about 65.83% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, heading between 65.82% to 67.82%.

Article by SixJupiter