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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%.

Written by SixJupiter Published on

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

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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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