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Price Analysis

Ethereum Hot Streak Continues, As it Jumps Over 5% and Tops the $200 Level

Ethereum price rises by 5% as its streak remains in an upwards trend; Bitcoin price remains bearish, staying above $10,000.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.91%. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 5.08%, which has its price now near $207.9 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 0.71%, which drove its price to around $10198.62 USD. Out of the five coins observed here, three cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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Price Action to Watch

It should be noted that the price behaviour of Bitcoin Cash and Ethereum was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seeking momentum? Litecoin, Bitcoin Cash and Ethereum have been in a clear uptrend for the past two weeks.
  • Currencies without a clear trend over the past two weeks are XRP and Bitcoin. If you prefer choppy, rangebound markets, they might be up your alley.
  • For traders viewing the 20-day moving average as a key level signalling momentum, keep an eye on XRP. It’s getting quite close to its 20-day moving average.
  • It’s also worth noting that Bitcoin, in particular, had a major technical breakthrough; it crossed its 20-day moving average in the day prior.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 959,806 transfers added was about 45% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $198,212,944 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $182.87 billion US dollars — which means Bitcoin accounts for about 67.26% of the entire cryptocurrency market. Its dominance has been in a downtrend over the past two weeks, stepping between 67.26% to 70.84%.

Article by SixJupiter