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Price Analysis

Litecoin Crashes, Falling Over 16% As the Market Dips

The price of Litecoin comes crashing as the market takes a turn for the worse, with a 16% dip in day-on-day trading.

Written by SixJupiter Published on

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -5.03% in aggregate. Leading the way was Bitcoin Cash, whose price is now around $227.96 USD, which yielded holders a return of 2.27% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -16.65% — a move that puts its price around $56.00 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

The moves in XRP and Litecoin were especially surprising; they were much larger than the normal daily trading range associated with the currency. 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, Litecoin, Bitcoin Cash, and Ethereum. Those have not been in any clear trend over the past 14 days, and thus might be of interest to rangebound traders.
  • If you’re looking for a coin in a downtrend, Bitcoin might be one worth considering; it’s been inconsistently heading downwards for the past two weeks.
  • Also of note is that XRP just crossed its 20-day moving average yesterday.

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 37% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $156,096,480 US dollars. The circulating value of all Bitcoins now comes in at approximately $150.94 billion US dollars — which means Bitcoin accounts for about 68.26% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, stepping between 67.23% to 69.98%.

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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