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Price Analysis

All cryptos down slightly, less than 1%, as Bitcoin logs massive transaction on its chain

The week came to a close with a declining market with the leading cryptocurrency tokens seeing a less than 1% dip.

Written by SixJupiter Published on

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.42%. The best performer of the bunch was Litecoin, which went down 0.16% and currently is sitting near $67.055416 USD. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -0.78% — a move that puts its price around $0.257337 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.

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Price Action to Watch

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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. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Currencies without a clear trend over the past two weeks are Bitcoin and Bitcoin Cash. If you prefer choppy, rangebound markets, they might be up your alley.
  • If coins in a clear downtrend are your thing, consider XRP, Litecoin and Ethereum. Those have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.
  • Momentum traders will want to note that XRP and Bitcoin Cash 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.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 864,721 transfers added was about 13% 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 is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $1,000,219,328 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 70.84% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, going from 67.82% to 70.84%.

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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