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Price Analysis

Cryptos start the week with a rally, as Bitcoin jumps over 6%

The beginning of the week shows a spike in the cryptocurrency market as Bitcoin rallies over 6% to break the $10,000 mark again.

How Did the Fab Five Finish?

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 3.09%. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was up 6.34%, which has its price now near $10387.5 USD. On the flip side, the worst performer was XRP coming in at -0.57%; its price is now near $0.254477 USD. Four of the coins had up days, which is a bullish sign for the sector.

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Price Patterns to Monitor

It should be noted that the price behaviour of Bitcoin is especially curious, as its move yesterday was much larger than its normal daily trading range. Technical traders may also wish to note the following developments in price action:

  • Bitcoin has no clear trend. Perhaps one for trend following traders to avoid.
  • XRP, Litecoin, Bitcoin Cash and Ethereum are in a clear downtrend at this time.
  • Also of note is that Bitcoin just crossed its 20-day moving average yesterday.

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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 15% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Ripple was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $129,516,500 US dollars. This is the second time in the past week that Ripple had the largest transactions for the day relative to other chains; prior to the past week, this had not occurred in 2019. This may be a pattern worth monitoring.

Article by SixJupiter