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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.

Written by SixJupiter Published on

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

Written by

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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