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.
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.
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%.
Article by SixJupiter