How Did the Fab Five Finish?
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -2.09% in aggregate. Leading the way was XRP, whose price is now around $0.251294 USD, which yielded holders a return of -0.56% from the day prior. On the flip side, the worst performer was Ethereum coming in at -3.75%; its price is now near $170.26 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.
Price Action to Watch
The moves in Bitcoin and Ethereum were especially surprising; they were much larger than the normal daily trading range associated with the currency. Also of note for technical traders are the following developments in price action:
- The crypto market as a whole seems to be lacking a clear trend; the five majors aren’t showing signs of a bull or bear trend at the moment over the past 14 days.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 880,798 transfers added was about 53% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $27,711,182 US dollars. The circulating value of all Bitcoins now comes in at approximately $141.36 billion US dollars — which means Bitcoin accounts for about 66.53% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, sinking between 66.53% to 68.8%.
Article by SixJupiter