Goldman Sachs: Fed 2024 rate cut, catalyst for Bitcoin halving?
According to Goldman Sachs, the Fed rate cuts could be the perfect catalyst for Bitcoin adoption, aligning neatly with the Bitcoin halving.
How the Fab Five Fared
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone up 1.49% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 2.5%, which has its price now near $70.51 USD. On the flip side, the worst performer was Bitcoin coming in at -0.68%; its price is now near $10420.88 USD. Out of the five coins observed here, four cryptocurrencies were up — which is a bullish sign for the sector as a whole.
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Price Patterns to Monitor
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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:
- Over the past two weeks, the five largest cryptos have been void of a clear trend. Might be time to bust out the trading strategies for a rangebound market, or wait for clearer trends to emerge.
- Bitcoin and Bitcoin Cash are getting quite close to their respective 20 day moving averages; they are within 3% of them.
- Momentum traders will want to note that XRP, Litecoin and Ethereum saw their respective 20-day moving averages crossed yesterday.
Insights From Transaction Data
Ripple recorded 900,614 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 26% over Ethereum, which had the second-most transactions recorded on its chain. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $40,494,668 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 69.56% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, stepping from 68.33% to 70.84%.