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Price Analysis

Bitcoin spikes and Ethereum jumps 4.88% as crypto sectors rally back

To end the week off on a good note, the cryptocurrency has rallied with Bitcoin seeing above 6% gains and Ethereum spiking by over 8%.

Written by SixJupiter Published on

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 2.36% in aggregate. The best performer of the bunch was Ethereum, which went up 4.88%. On the flip side, the worst performer was Litecoin coming in at 0.82%. All five of the coins had up days, which is nice for those bullish on cryptocurrencies.

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Price Action to Watch

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:

  • Seeking momentum? Litecoin has been in a clear uptrend for the past two weeks, as has Bitcoin and Bitcoin Cash Worthy of note is that Bitcoin is approaching $10,000 USD again, which could be a barrier with psychological significance for many traders and the media.
  • If you’re looking for coins void of a clear directional trend, look no further than Ripple and Bitcoin Cash. Those coins haven’t had a clear price trend over the past 14 days.

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Insights From Transaction Data

Ethereum recorded 928,479 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 22% over Ripple, which had the second most transactions recorded on its chain. Ethereum has a transaction fee greater than the transaction fee of Ripple, which may indicate that consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $120,767,960 occurred on Bitcoin’s chain — a bit smaller than days prior. The circulating value of all Bitcoins now comes in at approximately $ 172.4 billion US dollars — which means Bitcoin accounts for about 57.51% of the entire cryptocurrency market, a jump of nearly 0.7% from the previous day.

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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