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Price Analysis

After days of rallies, crypto sector falls as Litecoin plunges 4.68%

“What goes up must go down, right?” Not always, but in the case of the currency crypto market, it’s true. After days of rallying gains, Litecoin has lost nearly 5% of its value in 24 hours.

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -3.75% in aggregate. Leading the way was XRP, which yielded holders a return of -2.26% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 4.68%. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

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Price Action to Watch

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • These coins — XRP, Litecoin and Bitcoin — have been in a clear uptrend for the past two weeks.

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Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin, but it was close: Ethereum, which came in second, had less than 1% fewer transactions for the day. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $556,807,552 US dollars. Bitcoin has the fewest coins in circulation relative to the other coins noted here, and its scarcity may make it appealing for those interested in making high value transactions. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $151.33 billion US dollars. That’s about 55.74% of the value of all circulating cryptocurrencies.

Article by SixJupiter