Recap of the Top Five Cryptos
Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.73%. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was down 0.29%, which has its price now near $10556.16 USD. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 1.54%, which drove its price to around $0.326387 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
Key Technical Moves
None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Technical traders may also wish to note the following developments in price action:
- Over the past two weeks, the five largest cryptos have been in a downtrend. It might be time to bust out the short-selling trading strategies or wait until the bearishness subsides before buying.
What Does Transaction Data Tell Us?
The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,062,196 transfers added was about 94% 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $80,008,768 US dollars. The circulating value of all Bitcoins now comes in at approximately $188.59 billion US dollars — which means Bitcoin accounts for about 65.14% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in an uptrend, leaping from 61.99% to 66.32% over the past two weeks.
Article by SixJupiter
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