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 -2.18%. The best performer of the bunch was Bitcoin, which went up 0.45%. As for the worst performing crypto out of the Big Five, yesterday that was XRP; it came in at down 7.21%. Two of the coins had up days, which is a mixed sign for the crypto sector.
Key Technical Moves
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. Also of note for technical traders are the following developments in price action:
- These coins — XRP, Bitcoin Cash, and Ethereum — have been in a clear uptrend for the past two weeks.
- Conversely, the bull trend for Litecoin and Bitcoin is getting a bit weaker than it was just a week ago, which may be a warning sign for trend traders to note.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 877,104 transfers added was about 114% greater than the transactions recorded on Bitcoin, which was the runner up for transactions logged on its chain over the past 24 hours. 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 $38,320,140 US dollars. This transaction amount represents a sizable decline relative to transactions over the past two weeks, which may be something to keep a note of. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 56.63 % of the value of all circulating cryptocurrencies.
Article by SixJupiter