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Price Analysis

Cryptos Trade in Tight Range, As Top Five All Within 1% of Prior Day

The cryptocurrency market sees little change as the leading tokens all trade in tight zones without breaking in either direction.

Written by SixJupiter Published on

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.25% in aggregate. Leading the way was Bitcoin Cash, whose price is now around $291.31 USD, which yielded holders a return of 0.51% from the day prior. On the flip side, the worst performer was Bitcoin coming in at -0.97%; its price is now near $9221.61 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.

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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. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • If you are looking for coins in a clear uptrend, consider Litecoin, Bitcoin, and Bitcoin Cash. Those coins have been in a clear uptrend over the past 14 days.
  • If coins without a clear trend are your thing, consider XRP and Ethereum. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • Momentum traders will want to note that XRP and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.

Insights From Transaction Data

Ripple recorded 1,499,736 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 146% over Ethereum, which had the second-most transactions recorded on its chain. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $44,242,168 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $165.11 billion US dollars. That’s about 67.07% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, moving between 65.36% to 68.13%.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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