Ethereum Bounces Back, Jumping 4.13% After Dips

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone down -1.21% in aggregate. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 4.13%, which has its price now near $146.22 USD. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 8.07%, which drove its price to around $0.21078 USD. In total, three coins were up from the day prior, which is a mixed sign for the crypto sector.

Key Technical Moves

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:

• Over the past two weeks, the five largest cryptos have been in a downtrend. It might be time to bust out the short-selling trading strategies or wait until the bearishness subsides before buying.

Insights From Transaction Data

Ripple recorded 2,798,068 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 288% over Ethereum, which had the second-most transactions recorded on its chain. 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $99,830,256 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $129.25 billion US dollars. That’s about 66.31% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an uptrend, moving from 65.62% to 66.31%.