The global cryptocurrency market cap stood at $1.03 trillion noting a 1.76% increase over the last day as top crypto assets traded in green. Bitcoin (BTC), Ethereum (ETH) and XRP presented decent gains with bulls riding the price wave.
While BTC, ETH and XRP all presented gains on their short-term charts, on-chain data for the coins show an interesting take on their price action.
BTC Price: Short-term Increase
Bitcoin token transaction count, or token transferred, suggested that BTC is in the process of changing hands, according to data from CryptoQuant.
A look at the accumulation trend further suggested that there was a change from weak hands to strong hands as the long term SOPR went back to the low levels again.
In addition to that, the derivatives CDD inflow also noted a spike towards long position which supported short term increase in price.
BTC Price Holding Strong at $20,300
Seemingly, BTC’s short-term price action was supported by long position sentiments. The In/Out Of Money Around Price Indicator suggested a strong support for Bitcoin price at the $20,300 mark, where 1.79 million addresses hold 1.13 million Bitcoin.
The $20,900 mark where 627,000 addresses hold 265,000 Bitcoin could act as the next resistance where price can see some friction.
ETH Activity Slows Down
Ethereum traded at $1,572.50, at press time, noting 2.35% daily gains. ETH price had reversed the last three days’ losses which brought Ethereum to the $1,525 level. But ETH bulls still had to clear some barriers before price could chart a recovery.
Glassnode data highlighted that ETH Number of Active Addresses (7d MA) just reached a 4-month low of 27,908.
Nonetheless, some positive long-term outlook came from ETH whales. Early Nov. data from Santiment presented that Ethereum’s top 10 largest non-exchange addresses have been accumulating after the Sept. merge. The whale addresses have added 6.7% more ETH.
ETH supply held by top addresses also maintained a healthy uptick since Sept-mid. Data from IntoTheBlock highlighted a significant resistance for ETH at the $1,596 mark where over 1.37 million addresses hold 2.7 million ETH.
In case of a pullback, the $1,547 mark would act as a strong support where 1.54 million addresses hold 6.27 million ETH.
XRP Price Breaks Out, What Happens Next?
XRP price saw a major uptick at press time appreciating by almost 8% over the last day. The sixth ranked crypto by market cap, saw daily trade volumes rise to $2.15 billion charting over 50% gains.
Recent XRP price rises had reversed the coin’s Oct. losses. Active addresses for XRP were at 30,100, however, there wasn’t a major spike at press time.
That said, on Nov. 1, XRP saw one of the most notable Age Consumed spike where over 550 billion tokens were moved. One reason behind the recent spike could be the movement in the tokens.
A worrying trend for the XRP network was that transaction count had fallen to extremely low levels which could mean that demand was falling despite the rise in price.
XRP price had been in a long-drawn downtrend owing to the ongoing regulatory battle, but the recent gains managed to reverse the Oct. losses. Whether these gains can sustain is something that is yet to be seen.
For, XRP price the next major resistance would be at the $0.50 mark while the $0.44 mark still acts as a strong support.
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