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As the cryptocurrency market rallies, Bitcoin and Ripple see tidy gain

We continue to see healthy growth in the cryptocurrency market. Bitcoin maintains it’s $9000 + price tag and Ripple sits at 3.37% higher than yesterday in trading values.

Written by SixJupiter Published on

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.36%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 3.37%. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at up 0.14%. All five of the coins had up days, which is nice for those bullish on cryptocurrencies.

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

Price Patterns to Monitor

It should be noted that the price behaviour of XRP is especially curious, as its move yesterday was much larger than its normal daily trading range. Also of note for technical traders are the following developments in price action:

  • If you are looking for coins in a clear uptrend, consider Litecoin. It has been in a clear uptrend over the past 14 days.
  • These coins — XRP, Bitcoin, Bitcoin Cash, and Ethereum — don’t have a clear trend at this time, at least on a two-week timeframe.

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What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 890,216 transfers added was about 1% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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 $511,008,416 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $162.42 billion US dollars. That’s about 56.81 % of the value of all circulating cryptocurrencies.

Article by SixJupiter

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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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