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Price Analysis

Cryptos in tight range again, as top five cryptos near their 20-day average

The cryptocurrency market continues to trade in a tight zone, as the top five tokens see a modest increase in values.

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -1.31%. The best performer of the bunch was Ethereum, which went down 0.46% and currently is sitting near $180.84 USD. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -2.37% — a move that puts its price around $68.832343 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

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Price Action to Watch

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It should be noted that the price behaviour of XRP is especially curious, as its move yesterday was much larger than its normal daily trading range. Technical traders may also wish to note the following developments in price action:

  • Seeking momentum? Bitcoin has been in a clear uptrend for the past two weeks.
  • Currencies without a clear trend over the past two weeks are XRP, Litecoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • Momentum traders will want to note that Bitcoin, Bitcoin Cash, and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.
  • Momentum traders will want to note that XRP and Litecoin saw their respective 20-day moving averages crossed yesterday.

Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 898,650 transfers added was about 23% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee was also less than Ethereum’s, suggesting 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 $327,085,664 US dollars. The circulating value of all Bitcoins now comes in at approximately $183.65 billion US dollars — which means Bitcoin accounts for about 69.35% of the entire cryptocurrency market. Its dominance has been in an uptrend over the past two weeks, heading from 68.36% to 70.84%.

Article by SixJupiter