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Price Analysis

Ethereum Drops Nearly 4%, But Remains Without Clear Trend

Leading altcoin Ethereum takes a knock in price with a near 4% dip in price, taking with it other tokens like Litecoin and Bitcoin Cash.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -1.49% in aggregate. Out of the aforementioned five, XRP gave investors the best daily return; it was up 0.32%, which has its price now near $0.298399 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 3.97%, which drove its price to around $183.52 USD. In total, one coin was up from the day prior, which indicates almost the entirety of the sector as a whole moved down.

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Price Patterns to Monitor

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:

    • Looking for an uptrend? The most reliable uptrends can be found in Litecoin, Bitcoin, and Bitcoin Cash.

    • If coins without a clear trend are your thing, consider XRP and Ethereum. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,541,654 transfers added was about 112% 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 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 $83,856,280 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 67.05% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, climbing from 65.36% to 68.13%.

Article by SixJupiter