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Price Analysis

Litecoin Bounces Back, Jumping 6.75%

After days of flat and dipping values, Litecoin price sees a nearly 7% jump as the week comes to a close.

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 0.66% in aggregate. Leading the way was Litecoin, whose price is now around $39.43 USD, which yielded holders a return of 6.75% from the day prior. On the flip side, the worst performer was Ethereum coming in at -3.58%; its price is now near $128.31 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 Patterns to Monitor

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

  • If coins in a clear downtrend are your thing, consider XRP, Litecoin, Bitcoin and Ethereum. Those have been in a clear downtrend over the past 14 days, and thus might be of interest to trend followers comfortable with short selling.
  • For traders viewing the 20-day moving average as a key level signalling momentum, keep an eye on Bitcoin. It’s getting quite close to its 20-day moving average.


Insights from the Blockchains

Ethereum recorded 592,568 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 85% over Bitcoin, which had the second-most transactions recorded on its chain. Ethereum’s transaction fee is less than Bitcoin’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ethereum. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $33,415,714 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 68.41% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, rising from 66.52% to 68.43% over the past two weeks.

Article by SixJupiter