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 -1.7%. Out of the aforementioned five, XRP gave investors the best daily return; it was down 0.47%, which has its price now near $0.332285 USD. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 2.75%, which drove its price to around $101.42 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.
Key Technical Moves
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. Also of note for technical traders are the following developments in price action:
- If coins without a clear trend are your thing, consider Bitcoin and Ethereum. Those two have not been in a clear trend over the past 14 days, and thus might be of interest to rangebound traders.
- If you’re looking for coins clearly heading down, look no further than XRP, Bitcoin Cash, and Litecoin.
Insights From Transaction Data
Ripple recorded 1,130,113 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 70% over Ethereum, which had the second most transactions recorded on its chain. 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 $113,908,176 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $205.44 billion US dollars. That’s about 65.1% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, going from 59.94% to 65.35%.
Article by SixJupiter