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Price Analysis

Cryptos trade in a tight range again, leaving Bitcoin as the only top crypto in a clear uptrend over past two weeks

The cryptocurrency market faces another day of tight trading, with none of the leading tokens breaking out of trading zones in either direction.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.4% in aggregate. Leading the way was Bitcoin Cash, whose price is now around $318.84 USD, which yielded holders a return of 1.27% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -3.62% — a move that puts its price around $85.395743 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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Key Technical Moves

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Technical traders may also wish to note the following developments in price action:

  • If you are looking for coins in a clear uptrend, consider Bitcoin. It has been in a clear uptrend over the past 14 days.
  • XRP, Litecoin, Bitcoin Cash and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.

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Insights From Transaction Data

Ripple recorded 880,642 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 28% over Ethereum, which had the second-most transactions recorded on its chain. 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. Bitcoin was once again the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $46,438,576 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $211.39 billion US dollars. That’s about 69.3% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, climbing from 64.12% to 69.3% over the past two weeks.

Article by SixJupiter

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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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