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Price Analysis

Ethereum Hot Streak Continues, as It Jumps 4.99%

The cryptocurrency market might be facing a flash of red across the top five tokens, but Ethereum is catching a break with a near 5% spike.

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.37% in aggregate. Leading the way was Ethereum, whose price is now around $221.01 USD, which yielded holders a return of 4.99% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 4.98%, which drove its price to around $0.291402 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

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The move in Bitcoin was especially surprising; it was much larger than the normal daily trading range associated with the currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seeking momentum? XRP, Litecoin, Bitcoin Cash and Ethereum have been in a clear uptrend for the past two weeks.
  • If you’re looking for a coin without a clear trend — perhaps a coin with some rangebound trading opportunities — Bitcoin might be one worth considering.
  • For traders viewing the 20-day moving average as a key level signalling momentum, keep an eye on Bitcoin. It’s getting quite close to its 20-day moving average.

Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 34% 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 Cash was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $77,691,344 US dollars.

Article by SixJupiter