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Price Analysis

Cryptos mixed for the day, Ethereum surprises with $68 million transaction

The lead tokens in the cryptocurrency market are showing both green and red, while Ethereum’s network sees a massive transaction.

Written by SixJupiter Published on

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 0.37%. Leading the way was Bitcoin, whose price is now around $10428.96 USD, which yielded holders a return of 2.6% from the day prior. On the flip side, the worst performer was Litecoin coming in at -2.3%; its price is now near $69.009315 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

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None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

    • Looking for an uptrend? The most reliable uptrends can be found in Litecoin, Bitcoin Cash and Ethereum.

    • 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 Litecoin, XRP 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.
    • It’s also worth noting that we had multiple coins — Bitcoin and Ethereum — cross their 20-day moving averages in the preceding day. This is a level often watched by momentum traders.

Insights from the Blockchains

Ripple recorded 902,250 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 34% 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. Ethereum was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $68,474,797 US dollars. This is a surprise in the sense that Bitcoin is typically the chain with the largest transaction for any given day, followed by Bitcoin Cash and Ripple; Ethereum’s emergence here is thus a rarity, and perhaps worthy of deeper inspection.

Article by SixJupiter

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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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