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Price Analysis

The crypto market rallies as Bitcoin gains and Ripple surges by over 7%

Over the past 24 hours, Bitcoin traders would have seen a slight increase in the token’s value. On the other hand, Ripple has spiked in price gaining a tasty 7%.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 4.16%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 7.34%. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at up 0.8%. All five of the coins had up days, which is nice for those bullish on cryptocurrencies.

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Key Technical Moves

The moves in XRP and Ethereum were especially surprising; they were much larger than the normal daily trading range associated with the currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • If you are looking for coins in a clear uptrend, consider Bitcoin Cash and Ethereum; they’ve been in a clear uptrend over the past two weeks.
  • If you’re looking for a coin without a clear trend — perhaps a coin with some rangebound trading opportunities — XRP might be one worth considering.

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What Does Transaction Data Tell Us?

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 1% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee is greater than Ripple’s transaction fee; in and of itself, this may imply consumers are opting for Ethereum in spite of its higher fees. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $1,369,172,608 US dollars. Bitcoin has the smallest average-to-median fee ratio, which suggests that fees for transactions do not grow much as transactions get larger — and thus may be part of why Bitcoin is able to attract large transactions to its chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $154.28 billion US dollars. That’s about 55.01% of the value of all circulating cryptocurrencies.

Article by SixJupiter