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Price Analysis

Cryptos Start Slowing Down, Decline 2.23% on Average for the Day

As we move towards the middle of the week, the cryptocurrency market sees a drop in price with an average 2.23% decline in values.

How the Fab Five Fared

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -2.23%. Leading the way was Bitcoin Cash, whose price is now around $343.29 USD, which yielded holders a return of 1.14% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 5.76%, which drove its price to around $57.220592 USD. In total, just one coin was up from the day prior, which indicates almost the entirety of the sector as a whole moved down.

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Price Patterns to Monitor

The move in XRP was especially surprising; it was much larger than the normal daily trading range associated with the currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.

Insights from the Blockchains

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 78% more transactions recorded than Bitcoin, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also less than Bitcoin’s, suggesting transaction fees might be a key reason why users are preferring Ethereum. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $1,029,681,856 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $156.51 billion US dollars. That’s about 65.99% of the value of all circulating cryptocurrencies. Its dominance has been in a downtrend over the past two weeks, stepping between 65.99% to 69.22%.

Article by SixJupiter