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 3.42%. The best performer of the bunch was Litecoin, which went up 6.02% and currently is sitting near $94.44 USD . As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at up 1.48%, which drove its price to around $307.12 USD. All five of the coins had up days, which is nice for those bullish on cryptocurrencies.
Price Patterns to Monitor
It should be noted that the price behaviour of XRP is especially curious, as its move yesterday was much larger than its normal daily trading range. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- XRP, Litecoin, and Bitcoin Cash don’t have a clear trend at this time, at least on a two-week timeframe.
- Ethereum is in a clear downtrend on a two-week timeframe. This could an interesting opportunity for short-sellers.
Insights From Transaction Data
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,146,153 transfers added was about 29% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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 $323,700,000 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $179.77 billion US dollars. That’s about 64.55% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, oscillating between 64.55% to 66.32% over the past two weeks.
Article by SixJupiter