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Price Analysis

Bitcoin bounces back to jump over $10,000; but top cryptos still lack trend

While Bitcoin price might have increased enough to touch the $10000 mark once more, the leading cryptocurrencies still trade without a trend.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.21%. Leading the way was Bitcoin, whose price is now around $10076.66 USD, which yielded holders a return of 2.33% from the day prior. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -0.24% — a move that puts its price around $316.97 USD. Out of the five coins observed here, four cryptocurrencies were up — which is a bullish sign for the sector as a whole.

Crypto brokers to trade the currencies mentioned here: Coindirect

Key Technical Moves

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Over the past two weeks, the five largest cryptos have been void of a clear trend. Might be time to bust out the trading strategies for a rangebound market, or wait for clearer trends to emerge.

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Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,137,563 transfers added was about 84% 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 Ethereum, coming in at a value of $102,877,808 US dollars. This is the second day in a row in which the largest transaction has occurred on the Ethereum chain, marking a notable shift from the previous behaviour.

Article by SixJupiter