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Price Analysis

Cryptos mixed for the day as Litecoin leads the way up 3.84%

The cryptocurrency market is a mix of red and green, with Bitcoin price dipping by nearly 2% and Litecoin price heading up by nearly 4%.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 0.54% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 3.84%, which has its price now near $71.475586 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 1.99%, which drove its price to around $10109.46 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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Price Action to Watch

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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. Traders may also wish to bear in mind the following events going on regarding current price patterns:

    Looking for an uptrend? The most reliable uptrends can be found in Bitcoin Cash and Ethereum.

  • Currencies without a clear trend over the past two weeks are XRP, Litecoin and Bitcoin. If you prefer choppy, rangebound markets, they might be up your alley.
  • Momentum traders will want to note that XRP, Bitcoin Cash and Ethereum are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.
  • Also of note is that Litecoin and Bitcoin crossed their 20-day moving averages yesterday.

Insights From Transaction Data

Ripple recorded 881,543 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 21% over Ethereum, which had the second-most transactions recorded on its chain. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that 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 Cash, coming in at a value of $35,977,192 US dollars.

Article by SixJupiter