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Price Analysis

Cryptos Trade in Tight Range, Down 0.47% in All

The cryptocurrency market battles to regain any sense of positive trends, with an overall dip of under 1%.

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.47%. Leading the way was Ethereum, whose price is now around $188.1 USD, which yielded holders a return of 0.54% from the day prior. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -1.28% — a move that puts its price around $285.35 USD. One of the coins had up days, which indicates almost the entirety of the sector as a whole moved down.

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Price Patterns to Monitor

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. Technical traders may also wish to note the following developments in price action:

  • Litecoin, Bitcoin Cash and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
  • If coins in a clear downtrend is your thing, consider XRP and Bitcoin. 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.
  • Litecoin, Bitcoin Cash and Ethereum may be worth keeping an eye on, as they are getting quite close to their respective 20-day moving average. Crossing the 20 day average with conviction often accelerates a trend, according to some technical traders.

Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 705,431 transfers added was about 25% greater than the transactions recorded on Ripple, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum has a transaction fee greater than the transaction fee of Ripple, which may indicate that consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $87,643,560 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $155.5 billion US dollars — which means Bitcoin accounts for about 65.71% of the entire cryptocurrency market. Its dominance has been in a downtrend over the past two weeks, dropping between 65.7% to 67.15%.

Article by SixJupiter