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Bitcoin, Ethereum, XRP On-chain Analysis: Price Gains Could Be Limited

Bitcoin led the market gains with 2% at press time. Ethereum gained 2.82%, and XRP price appreciated by a massive 7.16%. 

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. 

Bitcoin (BTC) token transferred | Source: CryptoQuant
BTC token transferred | Source: 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.

Bitcoin (BTC) long-term SOPR | Source: CryptoQuant
BTC long-term SOPR | Source: CryptoQuant

In addition to that, the derivatives CDD inflow also noted a spike towards long position which supported short term increase in price.

Derivatives CDD inflow | Source: CryptoQuant
Derivatives CDD inflow | Source: CryptoQuant

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
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