Ethereum Makes Large Move Down Dropping Over 7%

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -3.61%. Leading the way was Litecoin, whose price is now around $42.958656 USD, which yielded holders a return of -1.97% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 7.05%, which drove its price to around $132.68 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

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Price Patterns to Monitor

XRP, Litecoin, Bitcoin and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:

  • XRP has no clear trend. Perhaps one for trend following traders to avoid.
  • If coins in a clear downtrend are your thing, consider Litecoin, Bitcoin and Ethereum. Those have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.

What Does Transaction Data Tell Us?

Ethereum recorded 628,322 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 91% over Bitcoin, which had the second-most transactions recorded on its chain. Ethereum’s transaction fee is less than Bitcoin’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $79,684,952 US dollars. The circulating value of all Bitcoins now comes in at approximately $124.58 billion US dollars — which means Bitcoin accounts for about 67.27% of the entire cryptocurrency market. Its dominance has been in an unclear trend over the past two weeks, moving between 66.4% to 67.27%.

Article by SixJupiter

Crypto Destroyer

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