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Ethereum leads major cryptos, by over 4% to confirm short-term bull trend

With a spike of over 4%, Ethereum sees a short-term bull rally; heading up the cryptocurrency market as the top five leader.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 1.23%. Leading the way was Ethereum, whose price is now around $188.9 USD, which yielded holders a return of 4.04% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -0.42% — a move that puts its price around $68.732923 USD. Out of the five coins observed here, three cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

Crypto brokers to trade the currencies mentioned here: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

Price Action to Watch

Ethereum had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Also of note for technical traders are the following developments in price action:

  • Trend traders may wish to keep an eye on Litecoin, Bitcoin Cash and Ethereum. Those coins have clearly exhibited a bullish trend over the past two weeks.
  • If coins without a clear trend is your thing, consider XRP 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 XRP, Litecoin, Bitcoin and Bitcoin Cash are getting very close to their 20 day moving average. Many technical traders view the 20 day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.

Insights from the Blockchains

Ripple recorded 874,588 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 37% over Ethereum, which had the second most transactions recorded on its chain. 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 $28,685,058 US dollars. The circulating value of all Bitcoins now comes in at approximately $185.35 billion US dollars — which means Bitcoin accounts for about 69.44% of the entire cryptocurrency market. It’s dominance has been in an unclear trend over the past two weeks, ranging between 68.95% to 70.84%.

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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