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Price Analysis

Top Five Cryptos All Rally, Led by Hard Fork Bitcoin Cash

After a near 5% spike, Bitcoin Cash sends the leading tokens in the cryptocurrency market into a modest rally.

Written by SixJupiter Published on

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 2.13%. Out of the aforementioned five, Bitcoin Cash gave investors the best daily return; it was up 4.34%, which has its price now near $305.42 USD. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of 0.25% — a move that puts its price around $9347.27 USD. All five of the coins had up days, which is nice for those bullish on cryptocurrencies.

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Price Patterns to Monitor

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:

    Looking for an uptrend? The most reliable uptrends can be found in Litecoin, Bitcoin Cash and Ethereum.

  • XRP and Bitcoin don’t have a clear trend at this time, at least on a two-week timeframe.


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 144% 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 $73,345,696 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.42% of the value of all circulating cryptocurrencies. It’s dominance has been in an unclear trend over the past two weeks, moving between 65.36% to 68.13%.

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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