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Price Analysis

Cryptos stage massive rally as Bitcoin leads the way up and as dominance nears 68%

As the cryptocurrency market heads into the new week, Bitcoin shows bullish increases leading the token to near 68% dominance and over $11,500 values.

How the Fab Five Fared

Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 4.14%. Leading the way was Bitcoin, whose price is now around $11830.91 USD, which yielded holders a return of 7.76% from the day prior. In terms of the worst performer, that would be XRP, which reported a day-over-day return of 2.59% — a move that puts its price around $0.32086 USD. In total, all five coins were up from the day prior, which is nice for those bullish on cryptocurrencies.

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Price Action to Watch

The moves in Litecoin, XRP, Bitcoin, and Ethereum were especially surprising; they were much larger than the normal daily trading range associated with the currency. Also of note for technical traders are the following developments in price action:

  • Litecoin, XRP, and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
  • Bitcoin has managed to break out of its trendless phase and now appears to be in an uptrend 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 79% 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $49,281,612 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 67.71% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an uptrend, climbing from 64.12% to 67.71%. This is the highest dominance level Bitcoin has reached in over three months.

Article by SixJupiter