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Price Analysis

Litecoin up 5.44% for the day, keeping its positive trend intact

Within the past 24 hours, all top five cryptocurrencies have experienced gains. Litecoin price has seen the biggest increase with 5.444%.

How Did the Fab Five Finish?

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 1.67%. The best performer of the bunch was Litecoin, which went up 5.44%. As for the worst performing crypto out of the Big Five, yesterday that was XRP; it came in at down 0.21%. In total, four coins were up from the day prior, which is a bullish sign for the sector.

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Price Patterns to Monitor

None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Also of note for technical traders are the following developments in price action:

  • Seeking momentum? Litecoin has been in a clear uptrend for the past two weeks.
  • If you are looking for coins without a clear trend, consider Bitcoin, Bitcoin Cash, and Ethereum; they’ve been trendless over the past 14 days.

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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 6% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. Ripple and Ethereum have been going back and forth in regards to which chain will boast the most transactions in a day over the past week. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $398,639,456 US dollars — a larger amount than has been typically seen over the past week. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 56.86% of the value of all circulating cryptocurrencies.

Article by SixJupiter