Goldman Sachs: Fed 2024 rate cut, catalyst for Bitcoin halving?
According to Goldman Sachs, the Fed rate cuts could be the perfect catalyst for Bitcoin adoption, aligning neatly with the Bitcoin halving.
How Did the Fab Five Finish?
Since the previous day, the five most-watched cryptos ( Bitcoin Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -2.97%. Leading the way was Bitcoin, whose price is now around $10770.76 USD, which yielded holders a return of -1.39% from the day prior. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -4.72% — a move that puts its price around $0.27186 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.
Crypto brokers to trade the currencies mentioned here: Coindirect
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. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- If you’re looking for a coin without a clear trend — perhaps a coin with some rangebound trading opportunities — Bitcoin Cash might be one worth considering.
- Currencies in clear downtrend over the past two weeks are XRP, Litecoin, Bitcoin, and Ethereum. If you prefer bear markets, they might be up your alley.
- Bitcoin is getting close to its 20-day moving average; its current price is 10770.76, and its 20-day moving average is 10993.913.
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Insights From Transaction Data
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 17% 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $89,487,856 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $181.73 billion US dollars. That’s about 68.29% of the value of all circulating cryptocurrencies. Its dominance has been in an unclear trend over the past two weeks, moving between 67.16% to 69.3%.