How the Fab Five Fared
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 5.3% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 15.78%, which has its price now near $92.77 USD. On the flip side, the worst performer was Bitcoin coming in at 1.47%; its price is now near $9839.01 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.
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. Technical traders may also wish to note the following developments in price action:
- These coins — XRP, Litecoin, Bitcoin Cash, and Bitcoin — are in a clear downtrend at this time, at least on a two-week timeframe.
What Does Transaction Data Tell Us?
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 53% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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 $143,841,600 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $175.62 billion US dollars. That’s about 65% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an uptrend, rising from 61.99% to 66.32%.
Article by SixJupiter