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Bitcoin drops from $11,000 as cryptos down for the day

The cryptocurrency market takes a dip further as Bitcoin drops down by 6.11% to fall below the $11 000 mark.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -1.23% in aggregate. Out of the aforementioned five, XRP gave investors the best daily return; it was down 0.66%, which has its price now near $0.330098 USD. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 1.76%, which drove its price to around $11163.99 USD. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

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Price Patterns to Monitor

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Currencies without a clear trend over the past two weeks are Bitcoin and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • If you’re looking for coins clearly heading down, look no further than XRP, Bitcoin Cash, and Litecoin.

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What Does Transaction Data Tell Us?

Ripple recorded 1,122,023 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 97% over Ethereum, which had the second most transactions recorded on its chain. 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 $107,815,056 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 64.89% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, climbing from 59.94% to 65.35% over the past two weeks.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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