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Price Analysis

Top five cryptos all fall again as short-term downtrend strengthens

The leading five cryptocurrencies in the market have dipped in values once more, resulting in a lengthier, stronger downtrend.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -4.08%. Out of the aforementioned five, XRP gave investors the best daily return; it was down 2.15%, which has its price now near $0.266014 USD. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -5.93% — a move that puts its price around $10131.67 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

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

  • Bitcoin Cash has no clear trend. Perhaps one for trend following traders to avoid.
  • If coins in a clear downtrend are your thing, consider Litecoin, XRP, Bitcoin, 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.

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Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 17% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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 $150,081,904 US dollars. The circulating value of all Bitcoins now comes in at approximately $178.3 billion US dollars — which means Bitcoin accounts for about 68.14% of the entire cryptocurrency market. Its dominance has been in an unclear trend over the past two weeks, bouncing between 67.16% to 69.3%.

Article by SixJupiter