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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 -0.83%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 1.85%, which has its price now near $0.295548 USD. On the flip side, the worst performer was Bitcoin Cash coming in at -2.45%; its price is now near $227 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.
Price Action to Watch
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. Also of note for technical traders are the following developments in price action:
- If you are looking for coins in a clear uptrend, consider XRP. It has been in a clear uptrend over the past 14 days.
- 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.
- If coins in a clear downtrend are your thing, consider Litecoin, Bitcoin 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 Litecoin and Bitcoin Cash 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.
- It’s also worth noting that Bitcoin, in particular, had a major technical breakthrough; it crossed its 20-day moving average in the day prior.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,049,855 transfers added was about 49% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee was also less than Ethereum’s, suggesting 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 $88,319,672 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $143.89 billion US dollars — which means Bitcoin accounts for about 66.25% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, heading between 65.85% to 66.95% over the past two weeks.