Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...
How Did the Fab Five Finish?
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were up 4.86%. The best performer of the bunch was Litecoin, which went up 6.36% and currently is sitting near $77.48 USD. On the flip side, the worst performer was Bitcoin Cash coming in at 2.54%; its price is now near $325.02 USD. All five of the coins had up days, which is nice for those bullish on cryptocurrencies
Key Technical Moves
None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Technical traders may also wish to note the following developments in price action:
- Bitcoin Cash doesn’t really have a clear trend one way or the other. If you abide by the adage “the trend is your friend” well, then Bitcoin Cash is no friend of yours. 🙂
- Currencies in clear downtrend over the past two weeks are XRP, Litecoin, Bitcoin and Ethereum. If you prefer bear markets, they might be up your alley.
- Bitcoin and Bitcoin Cash are getting quite close to their respective 20 day moving averages; they are within 3% of them.
What Does Transaction Data Tell Us?
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 14% 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $209,090,528 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $190.45 billion US dollars. That’s about 68.58% of the value of all circulating cryptocurrencies. Its dominance has been in an unclear trend over the past two weeks, oscillating between 67.16% to 69.3%.