Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
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 0.5%. Leading the way was Litecoin, whose price is now around $47.91 USD, which yielded holders a return of 5.69% from the day prior. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -1.76% — a move that puts its price around $140.66 USD. In total, one coin were up from the day prior, which indicates almost the entirety of the sector as a whole moved down.
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Price Action to Watch
Litecoin had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- Trend traders may wish to keep an eye on XRP, Litecoin, Bitcoin and Ethereum. Those coins have clearly exhibited a bullish trend over the past two weeks.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 631,504 transfers added was about 98% greater than the transactions recorded on Bitcoin, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum has a transaction fee less than the transaction fee of Bitcoin, which may indicate that transaction fees might be a key reason why users are preferring Ethereum. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $54,771,156 US dollars. The circulating value of all Bitcoins now comes in at approximately $143.97 billion US dollars — which means Bitcoin accounts for about 68.83% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, bouncing between 67.6% to 69.22%.