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Price Analysis

Huge moves down for top cryptos; Ripple falls over 15%, Bitcoin dominance tops 65%

After breaking through $12 000 on Monday, Bitcoin price has fallen by over 10%, taking the rest of the market down with it.

Recap of the Top Five Cryptos

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -10.1%. Leading the way was Bitcoin, whose price is now around $11523.06 USD, which yielded holders a return of -4.76% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was XRP; it came in at down 15.22%, which drove its price to around $0.333346 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 Patterns to Monitor

It should be noted that the price behaviour of XRP, Litecoin, Bitcoin Cash, and Ethereum was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Also of note for technical traders are the following developments in price action:

  • If you’re looking for coins void of a clear directional trend, look no further than Litecoin, Bitcoin and Bitcoin. Those coins haven’t had a clear price trend over the past 14 days.
  • If you’re looking for a coin in a downtrend, XRP might be one worth considering; it’s been in consistently heading downwards for the past two weeks.

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Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 55% 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 $1,137,634,688 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $205.59 billion US dollars. That’s about 65.32% of the value of all circulating cryptocurrencies — an increase of over 2% from the day prior.

Article by SixJupiter