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Price Analysis

Ripple up slightly, but cryptos mostly down for the day

Despite Bitcoin hitting the $9000 mark, it has still dipped slightly over the past 24 hours. Ripple, however, has seen modest gains.

How the Fab Five Fared

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -2.24%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 0.88%. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 3.64%. One of the coins had up days, which indicates almost the entirety of the sector as a whole moved down.

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Price Patterns to Monitor

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seeking momentum? Litecoin has been in a clear uptrend for the past two weeks.
  • These coins — XRP, Bitcoin, Bitcoin Cash, and Ethereum — don’t have a clear trend at this time, at least on a two-week timeframe.

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What Does Transaction Data Tell Us?

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 5% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee is greater than Ripple’s transaction fee; in and of itself, this may imply consumers are opting for Ethereum in spite of its higher fees. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $489,452,128 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $161.1 billion US dollars. That’s about 56.85% of the value of all circulating cryptocurrencies.

Article by SixJupiter