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Price Analysis

Bitcoin jumps 2.51%; Ethereum reports unusual $600 million USD transaction

Bitcoin price has remained in the green after several days of gains. Sitting at a moderate 2.51%, the leading cryptocurrency retains its $12000 mark.

Written by SixJupiter Published on

How the Fab Five Fared

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -0.72%. Leading the way was Bitcoin, whose price is now around $12882.81 USD, which yielded holders a return of 2.51% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 3.56%, which drove its price to around $117.93 USD. Out of the five coins observed here, one cryptocurrency was up — which indicates the almost the entirety of the sector as a whole moved down as a whole.

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Price Action to Watch

It should be noted that the price behaviour of Litecoin is especially curious, as its move yesterday was much larger than its normal daily trading range. Also of note for technical traders are the following developments in price action:

  • If you are looking for coins without a clear trend, consider Litecoin, Bitcoin, Bitcoin Cash, and Ethereum; they’ve been trendless over the past two weeks.
  • If you’re looking for a coin in a downtrend, XRP might be one worth considering; it’s been inconsistently heading downwards for the past two weeks.

Buy Ripple online

Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,175,591 transfers added was about 55% 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. Ethereum was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $607,037,676 US dollars.

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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