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Price Analysis

Ethereum holds but Litecoin plummets by 3.7% in surprising move

Despite Litecoin’s usual positive incline, it has taken a 3.7% knock down in its daily trading price. Ethereum is managing to hold $300.

Written by SixJupiter Published on

How the Fab Five Fared

Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -1.94%. Leading the way was Ethereum, which yielded holders a return of -0.28% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -3.7%. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole as a whole. Bitcoin is near $10,900 USD at the time of this writing, and thus is still challenging the $11,000 level. Ethereum, meanwhile, is holding above $300.

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Price Action to Watch

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:

  • Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.

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Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 9% 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 $36,228,808 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 58.87% of the value of all circulating cryptocurrencies.

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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