The cryptocurrency industry has critics and champions. In this, we look at three advocates of Bitcoin that are experts in traditional...
How the Fab Five Fared
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — were down -1.77%. Out of the aforementioned five, Ethereum gave investors the best daily return; it was down 1.19%, which has its price now near $145.92 USD. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 2.31%, which drove its price to around $0.22146 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
Key Technical Moves
Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Technical traders may also wish to note the following developments in price action:
- XRP and Bitcoin don’t have a clear trend at this time, at least on a two-week timeframe.
- If coins in a clear downtrend are your thing, consider Litecoin and Ethereum. Those have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.
- Momentum traders will want to note that Bitcoin and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.
- Momentum traders will want to note that XRP saw its respective 20-day moving average crossed yesterday.
Insights from the Blockchains
Ripple recorded 769,943 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 25% 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 $62,738,916 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.54% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, bouncing between 66.13% to 66.86% over the past two weeks.