United Kingdom riddled with crypto scams
Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.
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.
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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%.