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Bitcoin shoots up and Litecoin gains 9.57% as cryptos rebound

Going into the weekend, Bitcoin price has shot up to see the $8000 mark once more, and the altcoins are rallying as a result.\

Written by SixJupiter Published on

Recap of the Top Five Cryptos

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 3.65%. The best performer of the bunch was Litecoin, which went up 9.58%. On the flip side, the worst performer was Ethereum coming in at 0.16%. All five of the coins had up days, which is nice for those bullish on cryptocurrencies.

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


Price Patterns to Monitor

It should be noted that the price behaviour of XRP and Litecoin was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Also of note for technical traders are the following developments in price action:

  • This market is favoring those who can do well in choppy markets, as none of the major coins have a clear directional trend over 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; to be precise, it had about 21% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $240,173,248 US dollars. Bitcoin has the smallest average-to-median fee ratio, which suggests that fees for transactions do not grow much as transactions get larger — and thus may be part of why Bitcoin is able to attract large transactions to its chain. The circulating value of all Bitcoins now comes in at approximately $138.18 billion US dollars — which means Bitcoin accounts for about 55.54% of the entire cryptocurrency market.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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