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Price Analysis

Bitcoin jumps and shoots over the $11,000 mark

At current, Bitcoin price is leading the top five cryptocurrencies to see returns after reaching over $11000 in trading value.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.18%. Leading the way was Bitcoin, up again, yielding holders a return of 3.01% from the day prior and crossing the key $11,000 price level in the process. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -0.07%. Out of the five coins observed here, four cryptocurrencies were up — which is a bullish sign for the sector as a whole.

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Price Action to Watch

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. Also of note for technical traders are the following developments in price action:

  • If you’re looking for coins in a clear uptrend, look no further than XRP, Bitcoin, Bitcoin Cash, and Ethereum. Those coins have been in a clear uptrend over the past couple of weeks.

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What Does Transaction Data Tell Us?

Ripple recorded 868,160 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 5% over Ethereum, which had the second most transactions recorded on its chain. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $70,000,736 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $201.75 billion US dollars. That’s about 59.71% of the value of all circulating cryptocurrencies — a dominance level that has been increasing this week alongside Bitcoin’s rally.

Article by SixJupiter