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Price Analysis

Ethereum Drops Big Again, Falling 7.87%

Ethereum price takes a massive near 8% decline, taking the token into a red zone, while Bitcoin sees a plummet too.

How Did the Fab Five Finish?

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -3.55%. The best performer of the bunch was XRP, which went up 0.81% and currently is sitting near $0.229277 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 7.87%, which drove its price to around $140.42 USD. In total, two coins were up from the day prior, which is a mixed sign for the crypto sector.

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Price Action to Watch

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • The crypto market as a whole seems to be in bear mode; the five majors have been heading down over the past 14 days.

Insights From Transaction Data

Ripple recorded 3,185,648 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 387% over Ethereum, which had the second-most transactions recorded on its chain. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $332,591,456 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.22% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, rising from 65.62% to 66.22% over the past two weeks.

Article by SixJupiter