How the Fab Five Fared
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.62%. Leading the way was XRP, whose price is now around $0.311069 USD, which yielded holders a return of -0.07% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -1.4% — a move that puts its price around $89.63 USD. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.
Price Patterns to Monitor
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. Also of note for technical traders are the following developments in price action:
- The crypto market as a whole seems to be lacking a clear trend; the five majors aren’t showing signs of a bull or bear trend at the moment over the past 14 days.
Insights From Transaction Data
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 56% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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 $705,198,592 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $169.97 billion US dollars — which means Bitcoin accounts for about 64.3% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, sinking to 64.12% from 66.32% over the past two weeks.
Article by SixJupiter