How Did the Fab Five Finish?
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -5.97%. Leading the way was Bitcoin, whose price is now around $9817.38 USD, which yielded holders a return of -2.14% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 9.97%, which drove its price to around $0.266501 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.
Price Patterns to Monitor
It should be noted that the price behaviour of XRP and Litecoin was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Technical traders may also wish to note the following developments in price action:
- If coins without a clear trend are your thing, consider Bitcoin and Bitcoin Cash. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
- XRP, Litecoin, and Ethereum are in a clear downtrend at this time.
Insights From Transaction Data
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 720,930 transfers added was about 92% greater than the transactions recorded on Bitcoin, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum’s transaction fee is less than Bitcoin’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ethereum. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $46,428,736 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $176.12 billion US dollars — which means Bitcoin accounts for about 68.06% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in an uptrend, climbing from 64.82% to 69.3% over the past two weeks.
Article by SixJupiter