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Price Analysis

Litecoin Bounces Back, Rallying 5.78% to Lead Cryptos

Litecoin sees a spike in price, heading up by nearly 6% taking its value into green while the rest of the market follows suit.

Written by SixJupiter Published on

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 1.22% in aggregate. The best performer of the bunch was Litecoin, which went up 5.78% and currently is sitting near $59.33 USD. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -3.44% — a move that puts its price around $9222.23 USD. Out of the five coins observed here, three cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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Key Technical Moves

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:

  • Trend traders may wish to keep an eye on Bitcoin and Bitcoin Cash. Those coins have clearly exhibited a bullish trend over the past two weeks.
  • Currencies without a clear trend over the past two weeks are XRP, Litecoin and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • Ethereum is getting close to its 20-day moving average; its current price is 182.09, and its 20-day moving average is 178.3735.

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 117% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee was also less than Ethereum’s, suggesting 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 $1,098,849,920 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $168.99 billion US dollars. That’s about 67.33% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, leaping from 65.36% to 68.13%.

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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