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Price Analysis

Don’t call it a comeback! Litecoin jumps a whopping 9.36%

In a surprising move, Litecoin price has jumped by nearly 10% in trading value. Bitcoin Cash saw a decline, giving the market mixed signals.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 0.87% in aggregate. Leading the way was Litecoin, whose price is now around $128.25 USD, which yielded holders a return of 9.36% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 2.96%, which drove its price to around $426.97 USD. Two of the coins had up days, which is a mixed sign for the crypto sector.

Crypto brokers to trade the currencies mentioned here: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

Key Technical Moves

The move in Litecoin was especially surprising; it was much larger than the normal daily trading range associated with the currency. Also of note for technical traders are the following developments in price action:

  • Trend traders may wish to keep an eye on Bitcoin and Ethereum. Those coins have clearly exhibited a bullish trend over the past two weeks.
  • If coins without a clear trend are your thing, consider XRP and Bitcoin Cash. 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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Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,068,180 transfers added was about 58% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $175,522,784 occurred on Bitcoin’s chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 61.81% of the value of all circulating cryptocurrencies — down slightly from the day prior.

Article by SixJupiter