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Price Analysis

Bitcoin up 3.07% to back above $12,000; dominance level jumps to nearly 64%

Bitcoin price has taken over the market with its newest surge to break through the $12 000 mark once again.

How Did the Fab Five Finish?

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 2.06%. The best performer of the bunch was Bitcoin, which went up 3.07% and currently is sitting near $12673.79 USD. As for the worst performing crypto out of the Big Five, yesterday that was Ethereum; it came in at up 0.64%, which drove its price to around $315.34 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

Crypto brokers to trade the currencies mentioned here: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

Price Action to Watch

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. Also of note for technical traders are the following developments in price action:

  • These coins — Litecoin, Bitcoin, and Ethereum — don’t have a clear trend at this time, at least on a two-week timeframe.
  • XRP has clearly been heading downwards. Perhaps one for bulls to avoid until the downtrend ends.

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Insights From Transaction Data

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 $145,045,088 US dollars. The circulating value of all Bitcoins now comes in at approximately $224.45 billion US dollars — which means Bitcoin accounts for about 63.94% of the entire cryptocurrency market, a jump of more than 1% from the day prior.

Article by SixJupiter