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Price Analysis

Crypto Struggle Continues as All Top Cryptos Remain in Short Downtrend

As the cryptocurrency market continues to struggle to regain values, Bitcoin Cash starts the week off by sinking a further near 4% .

Written by SixJupiter Published on

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -2.25% in aggregate. Leading the way was XRP, whose price is now around $0.238772 USD, which yielded holders a return of -0.65% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 3.94%, which drove its price to around $218.28 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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Key Technical Moves

Buy Ripple XRP online

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:

  • The crypto market as a whole seems to be in bear mode; the five majors have been heading down over the past 14 days.

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 41% 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 $25,615,198 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $139.46 billion US dollars. That’s about 67.37% of the value of all circulating cryptocurrencies. Its dominance has been in an unclear trend over the past two weeks, ranging between 67.23% to 69.14%.

Article by SixJupiter

Written by

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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