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Price Analysis

Ethereum Gives Back Yesterday’s Gains, Dropping 3.31%

Ethereum has fallen a moderate 3.31% after picking up a little increase yesterday. Meanwhile, Litecoin crosses the 20-Day average.

Recap of the Top Five Cryptos

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -2.4%. The best performer of the bunch was Bitcoin, which went down 1.95% and currently is sitting near $8014.39 USD. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -3.31% — a move that puts its price around $174.76 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

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Price Patterns to Monitor

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. Technical traders may also wish to note the following developments in price action:

  • If you are looking for coins in a clear uptrend, consider XRP. It has been in a clear uptrend over the past 14 days.
  • Currencies without a clear trend over the past two weeks are Litecoin, Bitcoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • Bitcoin is getting close to its 20-day moving average; its current price is 8014.39, and its 20-day moving average is 8256.55.
  • Also of note is that Litecoin and Ethereum crossed their 20-day moving averages yesterday.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 854,006 transfers added was about 23% 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $44,579,464 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.06% 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 a downtrend, sinking between 66.06% to 67.51%.

Article by SixJupiter