Recap of the Top Five Cryptos
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 0.87% in aggregate. Leading the way was Litecoin, whose price is now around $128.25 USD, which yielded holders a return of 9.36% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 2.96%, which drove its price to around $426.97 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.
Key Technical Moves
The move in Litecoin was especially surprising; it was much larger than the normal daily trading range associated with the currency. Also of note for technical traders are the following developments in price action:
- Trend traders may wish to keep an eye on Bitcoin and Ethereum. Those coins have clearly exhibited a bullish trend over the past two weeks.
- If coins without a clear trend are your thing, consider XRP and Bitcoin Cash. Those two have been in a clear uptrend over the past 14 days, and thus might be of interest to rangebound traders.
Insights from the Blockchains
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,068,180 transfers added was about 58% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that 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 $175,522,784 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 61.81% of the value of all circulating cryptocurrencies — down slightly from the day prior.
Article by SixJupiter