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Price Analysis

A bullish weekend sees Bitcoin gain while Litecoin leads the way, up 10.28%

Bitcoin has taken a turn for the up, gaining nearly 10% in value over the weekend. Litecoin is leading the top five with bullish returns.

How Did the Fab Five Finish?

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 3.59%. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 10.28%. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -0.13%. In total, four coins were up from the day prior, which is a bullish sign for the sector.

Price Action to Watch

Litecoin had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • If coins without a clear trend are your thing, consider XRP and Bitcoin.
  • Those two have been in a clear uptrend over the past 14 days, and thus might be of interest to rangebound traders.

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What Does Transaction Data Tell Us?

Ripple recorded 831,321 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 9% over Ethereum, which had the second most transactions recorded on its chain. 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 $120,733,496 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. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 57.05 % of the value of all circulating cryptocurrencies.

Article by SixJupiter