United States senators have requested information from Silvergate Capital regarding the firm's association with FTX.
How the Fab Five Fared
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone down -5.96% in aggregate. Leading the way was XRP, whose price is now around $0.39075 USD, which yielded holders a return of -4.06% from the day prior. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -7.15% — a move that puts its price around $9834.77 USD, below the key psychological level of $10,000 USD. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.
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:
- If you are looking for coins without a clear trend, consider XRP, Bitcoin, Bitcoin Cash, and Ethereum; they’ve been trendless over the past two weeks.
- Litecoin is in a clear downtrend on a two-week timeframe. This could an interesting opportunity for short sellers.
Insights from the Blockchains
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 21% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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 $75,602,944 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $176.38 billion US dollars. That’s about 59.94% of the value of all circulating cryptocurrencies, though dominance level has fallen a bit as Bitcoin’s price has dropped; late last week, for instance, Bitcoin’s dominance was above 62%.