Recap of the Top Five Cryptos
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.16% in aggregate. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 0.71%, which has its price now near $181.37 USD. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -0.58% — a move that puts its price around $223.02 USD. Out of the five coins observed here, one cryptocurrency was up — which indicates the almost the entirety of the sector as a whole moved down as a whole.
Key Technical Moves
Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Also of note for technical traders are the following developments in price action:
- Seeking momentum? XRP has been in a clear uptrend for the past two weeks.
- Currencies without a clear trend over the past two weeks are Litecoin, Bitcoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
- Momentum traders will want to note that Litecoin, Bitcoin, Bitcoin Cash and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.
Insights from the Blockchains
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 866,088 transfers added was about 47% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply 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, coming in at a value of $45,842,588 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $149.55 billion US dollars. That’s about 66.32% of the value of all circulating cryptocurrencies. Its dominance has been in a downtrend over the past two weeks, going between 66.3% to 67.57%.
Article by SixJupiter