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Crypto Volatility Returns Led By Ethereum Which Jumped Over 6%

The cryptocurrency market is back to roller-coaster prices as Ethereum spikes up by over 6% after days of downtrading.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 4% in aggregate. The best performer of the bunch was Ethereum, which went up 6.01% and currently is sitting near $180.49 USD. On the flip side, the worst performer was Litecoin coming in at -1.54%; its price is now near $54.629364 USD. 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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Key Technical Moves

XRP, Bitcoin, Bitcoin Cash and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:

  • This market is favouring those who can do well in choppy markets, as none of the major coins have a clear directional trend over the past two weeks.
  • For traders viewing the 20-day moving average as a key level signalling momentum, keep an eye on Ethereum. It’s getting quite close to its 20-day moving average.
  • Momentum traders will want to note that XRP saw its respective 20-day moving average crossed yesterday.

Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 885,991 transfers added was about 34% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $56,168,928 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.46% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in a downtrend, heading between 66.46% to 68.8% over the past two weeks.

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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