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Price Analysis

Bitcoin up 5.77% while market shows volatility

Bitcoin price has spiked to hit the $10 000 mark again as the cryptocurrency market tries to recover after a few days of dipped values.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.83%. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 5.9%, which has its price now near $98.22 USD. On the flip side, the worst performer was Ripple coming in at 0.05%; its price is now near $0.3167 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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

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:

  • This market is favouring the bears, as none of the major coins have a clear directional trend over the past two weeks.

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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 69% 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $198,696,560 US dollars. The circulating value of all Bitcoins now comes in at approximately $186.23 billion US dollars — which means Bitcoin accounts for about 65.74% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in an uptrend, rising from 61.99% to 66.32% over the past two weeks.

Article by SixJupiter