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Price Analysis

Ethereum Jumps Again, Soaring 6.81% to Cross 20-Day Average and Near $200 Price Level

Ethereum price has spiked again with a near 7% increase to see a trend to break the moving day average after days of bearish downtrends.

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 2.55%. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 6.81%, which has its price now near $193.43 USD. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -1.24% — a move that puts its price around $0.274695 USD. Three 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, Bitcoin Cash and Ethereum were especially surprising; they were 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:

  • Trend traders may wish to keep an eye on XRP, Bitcoin Cash and Ethereum. Those coins have clearly exhibited a bullish trend over the past two weeks.
  • If coins without a clear trend are your thing, consider Litecoin and Bitcoin. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • Momentum traders will want to note that Bitcoin, Bitcoin Cash and Ethereum saw their respective 20-day moving averages crossed yesterday.

Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 869,577 transfers added was about 16% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $50,220,364 US dollars. The circulating value of all Bitcoins now comes in at approximately $153.78 billion US dollars — which means Bitcoin accounts for about 66.63% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, dropping between 66.3% to 68.26% over the past two weeks.

Article by SixJupiter