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Price Analysis

Litecoin jumps 2.65% while Bitcoin continues to flirt with $12,000

Bitcoin price sits just above $11 600 at the time of writing, as it continues to flirt with $12 000. Meanwhile. Litecoin has risen in price by 2.65%.

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.16% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 3.65%, which has its price now near $125.30 USD. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 1.87%, which drove its price to around $11757.77 USD. One of the coins had up days, which indicates almost the entirety of the sector as a whole moved down.

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

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. Also of note for technical traders are the following developments in price action:

  • Currencies without a clear trend over the past two weeks are Bitcoin and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • If coins without a clear downtrend are your thing, consider XRP and Litecoin. Those two have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.

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Insights From Transaction Data

Ripple recorded 1,198,170 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 60% over Ethereum, which had the second most transactions recorded on its chain. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $144,437,536 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $209.82 billion US dollars — which means Bitcoin accounts for about 62.74% of the entire cryptocurrency market.

Article by SixJupiter