Bitcoin short-term downtrend continues, falling 1.62% to below $10,000

Bitcoin

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 -2.51%. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was down 1.62%, which has its price now near $9,694.09 USD. On the flip side, the worst performer was Bitcoin Cash coming in at -3.22%; its price is now near $288.01 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

Interested in trading these currencies? Some brokers to try: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

Price Action to Watch

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. Technical traders may also wish to note the following developments in price action:

  • Litecoin has no clear trend. Perhaps one for trend following traders to avoid.
  • Bitcoin and Ethereum are in a clear downtrend at this time.

But Ethereum online

Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,119,920 transfers added was about 71% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $130,714,632 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 64.89% of the value of all circulating cryptocurrencies. Its dominance has been in an unclear trend over the past two weeks, oscillating between 64.89% to 66.32%.

Related Articles

Crypto exchange Binance doubles staff figures in Brazil

Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.

Crypto ATMs post a decline for the first time in the industry

September posted a net negative change in cryptocurrency ATM installations, marking a dip in the number of machines for the first time ever.

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

See All