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Price Analysis

Top Cryptos Crash, Falling by Over 12% on Average

As Bitcoin price plummets, the rest of the cryptocurrency market is taken with it, falling by a shattering average of 12%.

Recap of the Top Five Cryptos

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -12.27%. The best performer of the bunch was XRP, which went down 0.32% and currently is sitting near $0.27002 USD. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -23.7% — a move that puts its price around $222.9 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 Action to Watch

Litecoin, Bitcoin, Bitcoin Cash and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Currencies without a clear trend over the past two weeks are XRP, Litecoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • If you’re looking for a coin in a downtrend, Bitcoin might be one worth considering; it’s been inconsistently heading downwards for the past two weeks.
  • For traders viewing the 20-day moving average as a key level signalling momentum, keep an eye on XRP. It’s getting quite close to its 20-day moving average.
  • It’s also worth noting that we had multiple coins — Litecoin and Ethereum — cross their 20-day moving averages in the preceding day. This is a level often watched by momentum traders.

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What Does Transaction Data Tell Us?

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 40% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee was also less than Ethereum’s, suggesting 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 $96,965,688 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 68.8% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in a downtrend, stepping between 67.23% to 69.98% over the past two weeks.

Article by SixJupiter