Ethereum Drops 0.68% As Its Downtrend Continues

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 1.1% in aggregate. Leading the way was Bitcoin Cash, whose price is now around $232.71 USD, which yielded holders a return of 3.54% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 0.68%, which drove its price to around $174.64 USD. In total, three coins were up from the day prior, which is a mixed sign for the crypto sector.

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Price Patterns to Monitor

The move in Bitcoin Cash was especially surprising; it was 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:

  • Seeking momentum? XRP has been in a clear uptrend for the past two weeks.
  • If coins without a clear trend are your thing, consider Bitcoin and Bitcoin Cash. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • Currencies in clear downtrend over the past two weeks are Litecoin and Ethereum. If you prefer bear markets, they might be up your alley.
  • Momentum traders will want to note that Litecoin, Bitcoin and Ethereum 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.

What Does Transaction Data Tell Us?

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 0% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also greater than Ripple’s, suggesting consumers are opting for Ethereum in spite of its higher fees. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $143,837,008 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 66.13% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, dropping between 65.85% to 66.95%.

Article by SixJupiter

Crypto Destroyer

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