Recap of the Top Five Cryptos
Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -3.04% in aggregate. Leading the way was Bitcoin Cash, whose price is now around $287 USD, which yielded holders a return of 1.86% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -11.74% — a move that puts its price around $88.36 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.
Price Action to Watch
Litecoin had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:
- Bitcoin has no clear trend. Perhaps one for trend following traders to avoid.
- If you’re looking for coins clearly heading down on a two-week basis, look no further than XRP, Litecoin, Ethereum, and Bitcoin Cash.
Insights from the Blockchains
Ripple recorded 1,138,402 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 64% 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $146,765,280 US dollars. The circulating value of all Bitcoins now comes in at approximately $183.71 billion US dollars — which means Bitcoin accounts for about 65.7% of the entire cryptocurrency market.