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Price Analysis

Bitcoin heads up with a minor 0.61%, but most cryptos are down

While Bitcoin shows moderate gains in trading value, the other leading cryptocurrencies are in the red, with an overall negative performance.

Recap of the Top Five Cryptos

Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.9%. The best performer of the bunch was Bitcoin, which went up 0.61%. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -3.16%. In total, only one coin was up from the day prior, which indicates the almost the entirety of the sector as a whole moved down.

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Price Action to Watch

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

    • Seeking momentum? Litecoin has been in a clear uptrend for the past two weeks.
    • If you are looking for coins without a clear trend, consider Bitcoin, Bitcoin Cash, and Ethereum; they’ve been without a trend over the past two weeks.
    • 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 9% 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 $113,671,488 US dollars. The circulating value of all Bitcoins now comes in at approximately $147.35 billion US dollars — which means Bitcoin accounts for about 55.59 % of the entire cryptocurrency market — a marked increase from the day prior.

Article by SixJupiter