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Price Analysis

Bitcoin Cash leads the way surging by 11.47%, as other cryptos rebound

As Bitcoin regains its $8000 figure, Bitcoin Cash is leading the ring in the market increasing its value by up to 11.47%.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 8.99%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 11.47%. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of 7.33%. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

Price Patterns to Monitor

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Also of note for technical traders are the following developments in price action:

  • Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.

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What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 737,155 transfers added was about 25% greater than the transactions recorded on Ripple, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum’s transaction fee is greater than Ripple’s transaction fee; in and of itself, this may imply consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $73,750,040, occurred on Bitcoin Cash’s chain. This is a bit interesting, as the largest daily transaction in the cryptocurrency universe has typically occurred on Bitcoin’s blockchain rather than any other chain.

Article by SixJupiter