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Price Analysis

Bitcoin down just 0.34% from previous day, all cryptos down slightly overall

Bitcoin is sitting as the top performing top five cryptocurrencies, having lost only 0.34% of its trading value.

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -1.07% in aggregate. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was down 0.34%. On the flip side, the worst performer was Litecoin coming in at -1.87%. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole as a whole.

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Price Patterns to Monitor

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:

    • If you’re looking for coins void of a clear directional trend, look no further than XRP, Litecoin, and Bitcoin. Those coins haven’t had a clear price trend over the past 14 days.

Insights From Transaction Data

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 28% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also greater than Ripple’s, suggesting consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $18,836,280 occurred on Bitcoin’s chain. Bitcoin has the smallest average-to-median fee ratio, which suggests that fees for transactions do not grow much as transactions get larger — and thus may be part of why Bitcoin is able to attract large transactions to its chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 56.5 % of the value of all circulating cryptocurrencies.

Article by SixJupiter