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Price Analysis

Ethereum falls over 2% and crosses below 20-day moving average

Over the past 24 hours, the leading tokens in the cryptocurrency market have taken a dip to yield a return of -1.74%

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 -1.74%. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was down 1.41%, which has its price now near $11813.98 USD. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -2.31% — a move that puts its price around $216.06 USD. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole.

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Key Technical Moves

None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Technical traders may also wish to note the following developments in price action:

  • If you are looking for coins in a clear uptrend, consider Bitcoin and Bitcoin Cash. Those coins have been in a clear uptrend over the past 14 days.
  • Currencies without a clear trend over the past two weeks are XRP, Litecoin and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • Also of note is that Ethereum just crossed its 20 days moving average yesterday.

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Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 45% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $277,896,096 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $211.14 billion US dollars — which means Bitcoin accounts for about 68.83% of the entire cryptocurrency market. It’s dominance has been in an uptrend over the past two weeks, moving from 64.12% to 68.83%.

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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