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Price Analysis

Top Cryptos All Down for the Day, Collectively Averaging a 2.25% Drop

The cryptocurrency market value takes a nosedive before the weekend, with Bitcoin Cash dropping nearly 5% taking the average down.

Recap of the Top Five Cryptos

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -2.25%. The best performer of the bunch was Litecoin, which went down 1.4% and currently is sitting near $62.641791 USD. On the flip side, the worst performer was Bitcoin Cash coming in at -4.43%; its price is now near $291.9 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.

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Price Patterns to Monitor

It should be noted that the price behaviour of Ethereum is especially curious, as its move yesterday was much larger than its normal daily trading range. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • If you are looking for coins in a clear uptrend, consider Litecoin and Bitcoin Cash. Those coins have been in a clear uptrend over the past 14 days.
  • Currencies without a clear trend over the past two weeks are XRP, Bitcoin and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • XRP is getting close to its 20-day moving average; its current price is 0.297199, and its 20-day moving average is 0.292284617481369.

Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 105% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $55,225,800 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $165.06 billion US dollars — which means Bitcoin accounts for about 66.65% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in an unclear trend, bouncing between 65.36% to 68.13% over the past two weeks.

Article by SixJupiter