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Price Analysis

Top five cryptos rally again as Bitcoin and Bitcoin Cash break out of short-term downtrend

As the market faces a rally, Bitcoin price manages to stay above $10,000, breaking out of the token’s downtrend.

Written by SixJupiter Published on

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 1.85% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 2.88%, which has its price now near $67.172741 USD. On the flip side, the worst performer was Ethereum coming in at 0.21%; its price is now near $179.13 USD. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

Crypto brokers to trade the currencies mentioned here: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

Price Patterns to Monitor

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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:

  • If coins without a clear trend are your thing, consider Bitcoin and Bitcoin Cash. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • If coins in a clear downtrend are your thing, consider Litecoin, XRP 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.
  • Momentum traders will want to note that XRP, Bitcoin Cash and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 880,220 transfers added was about 22% 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 $144,374,912 US dollars. The circulating value of all Bitcoins now comes in at approximately $187.69 billion US dollars — which means Bitcoin accounts for about 70.28% of the entire cryptocurrency market. It’s dominance has been in an uptrend over the past two weeks, heading from 67.82% to 70.28%.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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