Ripple price breaks from a 4-year range, Bitcoin Breaks above $60k
Ripple price on fire
- Bitcoin grinds higher, closes above $60k
- Ethereum miners earn more from block transaction fees
Trending News: Bitcoin rise above $60k, Ethereum miners earn more from Transaction Fees
The Case of Bitcoin: Above $60k
So, Bitcoin above $60k, again. Interesting.
It shows the underlying gravitas that makes the Bitcoin network, a machine, and a utility, keep getting bigger and better.
A look at the Bitcoin average transaction value indicates that, unlike what critics say, BTC is a medium of exchange.
People use the network to move value every day of the week without intermediaries. This, well, makes boring. But this “boring” is also very secure and vibrant.
Despite doubts earlier on, individuals who keep pouring millions in gear to the network are paid handsomely. Miner revenue keeps rising even as difficulty and hash rate shots through the roof.
It may be expensive to go long right now as funding is expensive at the same time when GBTC’s has a negative premium.
However, if the SEC says “yes” to a Bitcoin ETF, the Grayscale Bitcoin ETF would be the largest commodity ETF after gold.
Ethereum Miners earn more from Transaction Fees than Rewards
As Bitcoin throbs higher, Ethereum miners are getting excited. The network is admittedly one of the most decentralized—no doubt.
However, their excitement stems from the high transaction fees.
Ethereum miners are now earning less from network rewards in the last month, as GlassNode data shows. Instead, their primary network revenue is transaction fees.
On Apr 11, this stood at around $12—reducing over the last few weeks.
This is markedly ahead of the Berlin hard fork. Several EIPs—most of which are network enhancing, will be implemented.
Ripple Price Analysis
The XRP price is on an absolute tear, ripping past several resistances in the last few days and back to 2017 levels.
As of Apr 11, the XRP price is up 28 percent on the last day alone and 137 percent week-to-date.
For a clearer picture, the XRP/USD price is trading within a bullish breakout pattern. From a top-down approach, in the weekly chart, this week’s gains confirm those of Sep 2018.
Therefore, in a trend continuation pattern, the XRP/USD price can reach $1.7 and $2.4 in the next few weeks. These are the 2 and 3.618 percent Fibonacci extension levels after the breakout of the 4-year range.
On the lower end, $1.1—the 1.618 Fibonacci extension level acts as the immediate support—another level where aggressive traders can ramp up the dips.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.
