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Price Analysis

Bitcoin tumbles 7.73% as crypto market slumps after days of strong rallies

Despite a strong start to the week, Bitcoin has lost over 7% of its daily trading value in a slump. As they tend to do, many of the tokens in the market have followed the leading crypto’s trend.

Written by SixJupiter Published on

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -11.02% in aggregate. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was down 7.73%. As for the worst performing crypto out of the Big Five, yesterday that was XRP; it came in at down 15.64%. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

Key Technical Moves

It should be noted that the price behaviour of XRP and Litecoin was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Also of note for technical traders are the following developments in price action:

  • Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.

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Insights from the Blockchains

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 50% 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $1,000,656,128 US dollars. Bitcoin has the fewest coins in circulation relative to the other coins noted here, and its scarcity may make it appealing for those interested in making high-value transactions.

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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