According to Goldman Sachs, the Fed rate cuts could be the perfect catalyst for Bitcoin adoption, aligning neatly with the Bitcoin halving.
How the Fab Five Fared
Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 0.29%. The best performer of the bunch was XRP, which went up 2.74% and currently is sitting near $0.393065 USD. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 0.79%, which drove its price to around $403.33 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.
Price Patterns to Monitor
None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- Bitcoin has no clear trend. Perhaps one for trend following traders to avoid.
- If you are looking for coins in a clear downtrend, consider and; they’ve been heading consistently downwards over the past two weeks.
Insights From Transaction Data
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 58% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply 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 $73,040,856 US dollars. The circulating value of all Bitcoins now comes in at approximately $199.71 billion US dollars — which means Bitcoin accounts for about 62.12% of the entire cryptocurrency market, down slightly from the day prior.