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Price Analysis

Bitcoin Cash up 4.63%, Ripple down 7.21% as cryptos show mixed movements

After several day of non-volatility for the big Bitcoin, Bitcoin Cash has spiked by 4.63% while Ripple has shown a 7% decrease in value.

Recap of the Top Five Cryptos

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.56%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 4.63%. As for the worst performing crypto out of the Big Five, yesterday that was XRP; it came in at down 7.21%. Three of the coins had up days, which is a mixed sign for the crypto sector.

Price Action to Watch

None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seeking momentum? Bitcoin Cash and Ethereum have been in a clear uptrend for the past two weeks.
  • If you’re looking for a coin without a clear trend — perhaps a coin with some range-bound trading opportunities — Litecoin might be one worth considering.

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Insights from the Blockchains

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 30% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $930,209,408 US dollars. Bitcoin has the largest market capitalization, which may shed insight into why it has been able to attract the largest transactions to its chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $139.13 billion US dollars. That’s about 56.69 % of the value of all circulating cryptocurrencies.

Article by SixJupiter