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Price Analysis

Top Cryptos Start the Week Down, as All Five Drop An Average of 2.85%

As the week kicks off, the cryptocurrency market struggles to hold its value as all tokens dip with an average decline of nearly 3%.

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 -2.85%. The best performer of the bunch was Ethereum, which went down 0.55% and currently is sitting near $151.36 USD. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -4.63% — a move that puts its price around $46.31 USD. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

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Key Technical Moves

None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Technical traders may also wish to note the following developments in price action:

  • Bitcoin doesn’t really have a clear trend one way or the other.If you abide by the adage “the trend is your friend” well, then Bitcoin is no friend of yours. 🙂
  • If coins in a clear downtrend is your thing, consider XRP, Litecoin and Ethereum. Those have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.

Insights from the Blockchains

Ripple recorded 4,051,410 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 523% over Ethereum, which had the second-most transactions recorded on its chain. Ripple’s transaction fee was also less than Ethereum’s, suggesting 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 $44,353,384 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $130.96 billion US dollars — which means Bitcoin accounts for about 66.31% of the entire cryptocurrency market. Its dominance has been in an uptrend over the past two weeks, going from 65.62% to 66.81%.

Article by SixJupiter