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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.

Written by SixJupiter Published on

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

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SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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