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Price Analysis

Ethereum Jump 5.56%, Now in Clear Uptrend Over Past Two Weeks

As we head into the first week of the new year, Ethereum sees a pleasant near 6% spike in trading value, boasting a two-week uptrend.

How the Fab Five Fared

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 2.19%. Leading the way was Ethereum, whose price is now around $134.25 USD, which yielded holders a return of 5.56% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -1.56% — a move that puts its price around $40.640679 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.

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Key Technical Moves

The moves in Bitcoin and Ethereum were especially surprising; they were much larger than the normal daily trading range associated with the currency. Also of note for technical traders are the following developments in price action:

  • Seeking momentum? Ethereum has been in a clear uptrend for the past two weeks.
  • Currencies without a clear trend over the past two weeks are XRP, Litecoin and Bitcoin. If you prefer choppy, rangebound markets, they might be up your alley.
  • XRP may be worth keeping an eye on, as its getting close to its 20-day moving average: its 20-day average is at 0.193319986837659, while its current price is approximately 0.19002.
  • Also of note is that Litecoin, Bitcoin and Ethereum crossed their 20-day moving averages yesterday.

Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 583,455 transfers added was about 100% greater than the transactions recorded on Bitcoin, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum has a transaction fee less than the transaction fee of Bitcoin, which may indicate that transaction fees might be a key reason why users are preferring Ethereum. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $27,480,358 US dollars. The circulating value of all Bitcoins now comes in at approximately $137.1 billion US dollars — which means Bitcoin accounts for about 67.6% of the entire cryptocurrency market. Its dominance has been in a downtrend over the past two weeks, falling between 67.6% to 68.92%.

Article by SixJupiter