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Price Analysis

Litecoin falls as all top cryptocurrencies dip for the day

As the cryptocurrency market battles to regain a positive trajectory, the leading tokens face a slight decline in price.

Recap of the Top Five Cryptos

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -3.66%. Leading the way was Bitcoin Cash, whose price is now around $305.89 USD, which yielded holders a return of -1.53% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 7.96%, which drove its price to around $91.26 USD. In total, none coins were up from the day prior, which indicates a wave of bearishness befell the sector as a whole.

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Price Action to Watch

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. Technical traders may also wish to note the following developments in price action:

  • If coins in a clear downtrend are your thing, consider XRP, Bitcoin, Bitcoin Cash, 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.

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What Does Transaction Data Tell Us?

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 57% 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 $54,584,972 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 64.97% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an unclear trend, ranging between 63.94% to 66.32% over the past two weeks.

Article by SixJupiter