Recap of the Top Five Cryptos
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.62%. Leading the way was Litecoin, whose price is now around $61.47 USD, which yielded holders a return of 4.77% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 1.04%, which drove its price to around $9323.61 USD. In total, four coins were up from the day prior, which is a bullish sign for the sector.
Key Technical Moves
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:
- If you are looking for coins in a clear uptrend, consider Litecoin, Bitcoin, Bitcoin Cash and Ethereum. Those coins have been in a clear uptrend over the past 14 days.
- XRP doesn’t really have a clear trend one way or the other. If you abide by the adage “the trend is your friend” well, then XRP is no friend of yours. 🙂
- XRP is getting close to its 20-day moving average; the current price is 0.297317, and its 20-day moving average is 0.29087446175757.
What Does Transaction Data Tell Us?
Ripple recorded 1,642,123 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 122% 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 $1,036,187,456 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.43% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, bouncing between 65.36% to 68.13% over the past two weeks.
Article by SixJupiter