Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
How Did the Fab Five Finish?
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.61%. The best performer of the bunch was Ethereum, which went up 1% and currently is sitting near $145.05 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 2.06%, which drove its price to around $43.281457 USD. In total, only one coin was up from the day prior, which indicates almost the entirety of the sector as a whole moved down.
Key Technical Moves
None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Technical traders may also wish to note the following developments in price action:
- Currencies without a clear trend over the past two weeks are XRP and Bitcoin. If you prefer choppy, rangebound markets, they might be up your alley.
- If coins in a clear downtrend are your thing, consider Litecoin and Ethereum. 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.
- XRP, Bitcoin 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 the Blockchains
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 20% 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 $394,633,504 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $130.85 billion US dollars — which means Bitcoin accounts for about 66.67% of the entire cryptocurrency market. Its dominance has been in an unclear trend over the past two weeks, oscillating between 66.31% to 66.86%.