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Price Analysis

Litecoin falls over 7% as top 5 cryptos all fall again

The cryptocurrency market has a reputation for being volatile and it’s currency embracing its rollercoaster-like nature as Bitcoin falls.

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -3.62%. The best performer of the bunch was Bitcoin Cash, which went down 1.44%. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 7.04%. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

Crypto brokers to trade the currencies mentioned here: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

Price Action to Watch

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Technical traders may also wish to note the following developments in price action:

  • This market is favouring those who can do well in choppy markets, as none of the major coins has a clear directional trend over the past two weeks.

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Insights from the Blockchains

Ethereum recorded 902,471 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 3% over Ripple, which had the second most transactions recorded on its chain. Ethereum’s transaction fee was also greater than Ripple’s, suggesting consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $219,949,280 — notably larger than the transactions that have occurred on any chain this past week — occurred on Bitcoin’s chain. Bitcoin has the largest market capitalization, which may shed insight into why it has been able to attract the largest transactions to its chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 55.68% of the value of all circulating cryptocurrencies. Its dominance this past week has hovered very closely around the 55% level.

Article by SixJupiter