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Price Analysis

Bitcoin Cash Surprises with a 12.16% Day Over Day Rally, As Uptrend For Top Cryptos Back in Play

Bitcoin Cash stuns the market with an over 12% spike in trading value following a bearish flat zone.

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 4.04%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 12.16%, which has its price now near $347.77 USD. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -0.04% — a move that puts its price around $53.57 USD. Four of the coins had up days, which is a bullish sign for the sector.

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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:

  • Over the past two weeks, the five largest cryptos have been void of a clear trend. Might be time to bust out the trading strategies for a rangebound market, or wait for clearer trends to emerge.
  • XRP and Litecoin may be worth keeping an eye on, as they are getting quite close to their respective 20-day moving average. Crossing the 20 day average with conviction often accelerates a trend, according to some technical traders.
  • It’s also worth noting that Bitcoin, in particular, had a major technical breakthrough; it crossed its 20-day moving average in the day prior.

What Does Transaction Data Tell Us?

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 62% 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 $60,209,300 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $157.11 billion US dollars. That’s about 66.03% 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 65.77% to 68.34%.

Article by SixJupiter