Rangebound trend for cryptos continues as Ethereum leads the way up 1%

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How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.99% in aggregate. Leading the way was Ethereum, whose price is now around $209.64 USD, which yielded holders a return of 1.19% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 3.98%, which drove its price to around $89.69 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

Crypto brokers to trade the currencies mentioned here: Coindirect

Key Technical Moves

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Over the past two weeks, the five largest cryptos have been void of a clear trend. Might be time to bust out the trading strategies for a rangebound market, or wait for clearer trends to emerge.

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Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,051,452 transfers added was about 89% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $31,038,824 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 64.12% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in a downtrend, heading between 64.12% to 66.32% over the past two weeks.

Article by SixJupiter