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Tight trading for cryptos continue as top five trade in a 1% range

The cryptocurrency market remains in tight trading zones as the leading tokens make no major movements in either direction.

Written by SixJupiter Published on

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 -0.95%. The best performer of the bunch was XRP, which went up 0.44% and currently is sitting near $0.299344 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 2.15%, which drove its price to around $211.74 USD. One of the coins had up days, which indicates almost the entirety of the sector as a whole moved down.

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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:

  • Currencies without a clear trend over the past two weeks are Litecoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • XRP has clearly been heading downwards. Perhaps one for bulls to avoid until the downtrend ends.

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What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 839,302 transfers added was about 38% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin Cash, coming in at a value of $18,558,950 US dollars — a rare occurrence, as the largest transaction typically occurs on the Bitcoin blockchain.

Article by SixJupiter

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SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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