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Price Analysis

Litecoin faces huge move down, dropping over 13%

As the market faces a correction in trading values, Bitcoin and Litecoin price drop despite previous weeks of steady gains.

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. 🙂

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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.

Article by SixJupiter