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Price Analysis

Ethereum Drops Over 3% as All Top Cryptos Downtrend Continues

The cryptocurrency market continues to dip down as Ethereum crashes a further 3% before the weekend kicks off.

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -1.3% in aggregate. The best performer of the bunch was XRP, which went up 0.79% and currently is sitting near $0.247891 USD. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -3.25% — a move that puts its price around $175.17 USD. Out of the five coins observed here, only one cryptocurrency was up — which indicates the almost the entirety of the sector as a whole moved down 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. 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 had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 46% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $48,150,836 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 67.39% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, moving between 67.23% to 68.8% over the past two weeks.

Article by SixJupiter