Recap of the Top Five Cryptos
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.45%. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 1.68%. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -1.13%. Out of the five coins observed here, only one was up — which indicates that 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:
- Over the past two weeks, the five largest cryptos have been void of a clear trend. Might be time to bust out the trading strategies for a rangebound market, or wait for clearer trends to emerge.
What Does Transaction Data Tell Us?
Ripple recorded 948,562 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 21% over Ethereum, which had the second most transactions recorded on its chain. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $240,173,248 US dollars. Bitcoin has the smallest average-to-median fee ratio, which suggests that fees for transactions do not grow much as transactions get larger — and thus may be part of why Bitcoin is able to attract large transactions to its chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 55.54% of the value of all circulating cryptocurrencies.
Article by SixJupiter