Crypto Bear Move Continues as Top Cryptos All Drop Nearly 7% on Average

Bitcoin

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 -6.94%. The best performer of the bunch was Bitcoin, which went down 3.79% and currently is sitting near $6635.84 USD. On the flip side, the worst performer was XRP coming in at -8.17%; its price is now near $0.196285 USD. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

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Price Action to Watch

Litecoin, XRP, Bitcoin and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Also of note for technical traders are the following developments in price action:

  • XRP has no clear trend. Perhaps one for trend following traders to avoid.
  • Currencies in clear downtrend over the past two weeks are Litecoin, Bitcoin and Ethereum. If you prefer bear markets, they might be up your alley.


Insights From Transaction Data

Ripple recorded 1,598,209 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 136% over Ethereum, which had the second-most transactions recorded on its chain. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $377,292,864 US dollars. The circulating value of all Bitcoins now comes in at approximately $120.08 billion US dollars — which means Bitcoin accounts for about 67.87% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, oscillating between 66.52% to 67.87%.

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