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Price Analysis

All five top cryptos rally, but all still in two-week downtrend

While the leading cryptocurrencies might have seen a good rally over the weekend, the market still remains in a downtrend.

Written by SixJupiter Published on

How the Fab Five Fared

Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 0.72%. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 2.15%, which has its price now near $172.15 USD. On the flip side, the worst performer was Bitcoin Cash coming in at 0.21%; its price is now near $279.58 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

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Price Action to Watch

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. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • The crypto market as a whole seems to be in bear mode; the five majors have been heading down over the past 14 days.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 869,845 transfers added was about 30% 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $64,792,964 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 68.95% of the value of all circulating cryptocurrencies. It’s dominance has been in an uptrend over the past two weeks, moving from 67.82% to 68.95%.

Article by SixJupiter

Written by

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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