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Price Analysis

Litecoin leads the way, up 5.14%, as cryptos rebound

While Bitcoin’s value proves itself in the green again, Litecoin price gains modestly with over 5% increases.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 2.73% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 5.14%, which has its price now near $120.89 USD. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at up 0.69%, which drove its price to around $410.28 USD. In total, all five coins were up from the day prior, which is nice for those bullish on cryptocurrencies.

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

  • If you’re looking for coins void of a clear directional trend, look no further than Bitcoin and Bitcoin Cash. Those coins haven’t had a clear price trend over the past 14 days.
  • If you’re looking for a coin in a downtrend, Litecoin might be one worth considering; it’s been inconsistently heading downwards for the past two weeks.

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Insights From Transaction Data

For the second day in a row, the blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,198,170 transfers added was about 31% 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 $106,164,608 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $202.72 billion US dollars — which means Bitcoin accounts for about 62.08% of the entire cryptocurrency market, an increase from the day prior.

Article by SixJupiter

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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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