A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
How the Fab Five Fared
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -1.04% in aggregate. Out of the aforementioned five, XRP gave investors the best daily return; it was up 0.66%, which has its price now near $0.226687 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 2.51%, which drove its price to around $7350.62 USD. Out of the five coins observed here, only one cryptocurrency was up — which indicates the almost the entirety of the sector as a whole moved down as a whole.
Price Patterns to Monitor
It should be noted that the price behaviour of Bitcoin and Ethereum was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Technical traders may also wish to note the following developments in price action:
- If coins without a clear trend are your thing, consider Litecoin, XRP, Bitcoin and Ethereum. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
- Ethereum is getting close to its 20-day moving average; its current price is 147.68, and its 20-day moving average is 151.1365.
- Also of note is that XRP and Bitcoin crossed their 20-day moving averages 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 18% over Ethereum, which had the second-most transactions recorded on its chain. 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 $107,986,416 US dollars. The circulating value of all Bitcoins now comes in at approximately $132.46 billion US dollars — which means Bitcoin accounts for about 66.7% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, oscillating between 66.13% to 66.86%.