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Price Analysis

Bitcoin jumps as uptrend resumes while the rest of the market shows mixed signs

Bitcoin boasts a green face today after several days of minor volatility. The rest of the tokens, however, are showing red.

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 1.26% in aggregate. Leading the way was Bitcoin, whose price is now around $11455.86 USD, which yielded holders a return of 4.21% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 1.05%, which drove its price to around $118.329849 USD. Four of the coins had up days, which is a bullish sign for the sector.

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Key Technical Moves

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 a coin without a clear trend — perhaps a coin with some range-bound trading opportunities — Bitcoin might be one worth considering.
  • These coins — XRP, Litecoin, and Bitcoin Cash — are in a clear downtrend at this time, at least on a two-week timeframe.

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Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 44% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $72,341,336 US dollars. The circulating value of all Bitcoins now comes in at approximately $203.75 billion US dollars — which means Bitcoin accounts for about 62.51% of the entire cryptocurrency market, a slight increase from the day prior.

Article by SixJupiter