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 2.49%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 8.14%, which has its price now near $0.235325 USD. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -2.62% — a move that puts its price around $340.11 USD. Out of the five coins observed here, three cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.
Price Patterns to Monitor
XRP 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:
- Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.
Insights From Transaction Data
Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 113% more transactions recorded than Bitcoin, which was the runner up for the day in terms of transactions recorded. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $1,099,763,968 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $157.97 billion US dollars. That’s about 66.76% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, ranging between 66.32% to 69.22%.
Article by SixJupiter