How the Fab Five Fared
In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -4.08%. Out of the aforementioned five, XRP gave investors the best daily return; it was down 2.15%, which has its price now near $0.266014 USD. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -5.93% — a move that puts its price around $10131.67 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.
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Price Action to Watch
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. Traders may also wish to bear in mind the following events going on regarding current price patterns:
- Bitcoin Cash has no clear trend. Perhaps one for trend following traders to avoid.
- If coins in a clear downtrend are your thing, consider Litecoin, XRP, Bitcoin, and Ethereum. Those have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.
Insights From Transaction Data
Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 17% 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.