Recap of the Top Five Cryptos
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 0.91%. Leading the way was XRP, whose price is now around $0.262592 USD, which yielded holders a return of 3.01% from the day prior. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -0.51% — a move that puts its price around $10313.02 USD. Three of the coins had up days, which is a mixed sign for the crypto sector.
Price Action to Watch
The move in XRP was especially surprising; it was much larger than the normal daily trading range associated with the currency. Technical traders may also wish to note the following developments in price action:
- Looking for an uptrend? The most reliable uptrends can be found in Litecoin and Ethereum.
- Currencies without a clear trend over the past two weeks are XRP, Bitcoin and Bitcoin Cash. If you prefer choppy, rangebound markets, they might be up your alley.
- Momentum traders will want to note that Bitcoin 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 XRP, in particular, had a major technical breakthrough; it crossed its 20-day moving average in the day prior.
Insights from the Blockchains
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 34% 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. Ethereum was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $75,923,279 US dollars.
Article by SixJupiter