Litecoin faces huge move down, dropping over 13%

Litecoin price

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin Bitcoin Cash, Ethereum, and Ripple — have gone down -7.87% in aggregate. Out of the aforementioned five, Ethereum gave investors the best daily return; it was down 4.08%, and now stands at around $311 USD. As for the worst performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 13.08%, and is now near $114 USD. 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.

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

Price Action to Watch

XRP, Litecoin and Bitcoin Cash had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each of those respective currencies. What caused these moves might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • If you are looking for coins in a clear uptrend, consider Bitcoin Cash and Ethereum; they’ve been in a clear uptrend over the past two weeks.
  • Litecoin doesn’t really have a clear trend one way or the other. If you abide by the adage “the trend is your friend” well, then Litecoin is no friend of yours. 🙂

Buy Ethereum using a credit card

Insights From Transaction Data

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 1% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum’s transaction fee was also greater than Ripple’s, suggesting consumers are opting for Ethereum in spite of its higher fees. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $116,683,832 occurred on Bitcoin Cash’s chain — an unusual development, as Bitcoin is typically the chain with the largest transaction.

Related Articles

Crypto exchange Binance doubles staff figures in Brazil

Binance has announced that it will be opening two new offices in Brazil, with the team behind the operation doubling in number.

Crypto ATMs post a decline for the first time in the industry

September posted a net negative change in cryptocurrency ATM installations, marking a dip in the number of machines for the first time ever.

CBDC adoption: Russia enters final phase to test digital ruble

Russia is in the final phase of testing a central bank digital currency (CBDC), which will be used for both national and international...

What exactly is DeFi? Decentralised finance explained

DeFi is a set of technologies that enables people to manage their funds on a peer-to-peer basis and it's changing the way money can be used.

See All