Ethereum Crashes, Dropping Over 7%, as Crypto Bear Strengthens

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were down -4.7%. The best performer of the bunch was XRP, which went down 0.86% and currently is sitting near $0.246963 USD. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -7.73% — a move that puts its price around $161.18 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.

Key Technical Moves

Bitcoin and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:

• Over the past two weeks, the five largest cryptos have been in a downtrend. It might be time to bust out the short-selling trading strategies or wait until the bearishness subsides before buying.

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 53% 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $44,119,536 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $137.08 billion US dollars. That’s about 66.11% of the value of all circulating cryptocurrencies. Its dominance has been in an unclear trend over the past two weeks, bouncing between 65.62% to 66.65%.