The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Recap of the Top Five Cryptos
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone down -1.87% in aggregate. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was up 0.69%, which has its price now near $11546.12 USD. On the flip side, the worst performer was Litecoin coming in at -5.66%; its price is now near $92.26 USD. Out of the five coins observed here, one cryptocurrencies were up — which indicates the almost the entirety of the sector as a whole moved down as a whole.
Key Technical Moves
XRP and Litecoin 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:
- Seeking momentum? Bitcoin, Bitcoin Cash and Ethereum have been in a clear uptrend for the past two weeks.
- Currencies without a clear trend over the past two weeks are XRP and Litecoin. If you prefer choppy, rangebound markets, they might be up your alley.
Insights from the Blockchains
Ripple recorded 941,072 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 26% over Ethereum, which had the second-most transactions recorded on its chain. 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 $69,388,352, occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 67.92% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, stepping from 64.12% to 68.3% over the past two weeks.