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Price Analysis

For the first time in over 3 months, the largest daily transaction occurred on the Ethereum chain

While the prices of Ethereum and the leading cryptocurrencies might be lower than previous days in trading values, the transaction volume is soaring.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.49%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 3.64%, which has its price now near $313.03 USD. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -2.32% — a move that puts its price around $92.24 USD. Out of the five coins observed here, one cryptocurrency were up — which indicates the almost the entirety of the sector as a whole moved down as a whole.

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Price Action to Watch

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • XRP, Litecoin, and Bitcoin Cash don’t have a clear trend at this time, at least on a two-week timeframe. If you’re interested in rangebound currencies, those might be viable options.

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What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,145,445 transfers added was about 22% 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Ethereum, coming in at a value of $102,877,808 US dollars. This is especially unusual, as Bitcoin has been the chain that most frequently has the largest transaction, only occasionally being surpassed by Bitcoin Cash; over the past three months, though, Ethereum hasn’t made an appearance — until today. It will be worth observing to see if Ethereum’s transaction sizes grow.

Article by SixJupiter