CBDC adoption: Russia enters final phase to test digital ruble
Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...
How Did the Fab Five Finish?
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were down -1.77%. The best performer of the bunch was XRP, which went up 0.26% and currently is sitting near $0.292664 USD. On the flip side, the worst performer was Ethereum coming in at -3.33%; its price is now near $180.74 USD. In total, one coin was up from the day prior, which indicates almost the entirety of the sector as a whole moved down.
Key Technical Moves
Bitcoin, Bitcoin Cash 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. Technical traders may also wish to note the following developments in price action:
- If you are looking for coins in a clear uptrend, consider XRP. It has been in a clear uptrend over the past 14 days.
- Litecoin, Bitcoin, Bitcoin Cash and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
- Momentum traders will want to note that Litecoin 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.
- Momentum traders will want to note that Bitcoin and Bitcoin Cash saw their respective 20-day moving averages crossed yesterday.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 891,427 transfers added was about 30% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee was also less than Ethereum’s, suggesting 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 $44,407,380 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.31% of the value of all circulating cryptocurrencies Note that Bitcoin’s dominance level has been in a downtrend, falling between 66.21% to 67.57% over the past two weeks.