Recap of the Top Five Cryptos
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.92%. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 5.19%, which has its price now near $57.46 USD. On the flip side, the worst performer was Bitcoin Cash coming in at -0.55%; its price is now near $231.7 USD. In total, three coins were up from the day prior, which is a mixed sign for the crypto sector.
Price Patterns to Monitor
XRP and Litecoin had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:
- Litecoin, Bitcoin, Bitcoin Cash and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
- Ethereum is getting close to its 20-day moving average; its current price is 181.09, and its 20-day moving average is 182.3515.
Insights From Transaction Data
Ripple recorded 845,927 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 18% over Ethereum, which had the second-most transactions recorded on its chain. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $116,284,216 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.3% 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 a downtrend, dropping between 66.3% to 68.8%.
Article by SixJupiter