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Price Analysis

Litecoin makes huge jump, up over 19% as cryptos bounce back

After several days of cryptocurrency quiet, Litecoin price has pulled up with a huge leap, to gain 19%.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 5.76%. Leading the way was Litecoin, which yielded holders a return of 19.2% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at up 1.04%. Out of the five coins observed here, all five cryptocurrencies were up — which is nice for those bullish on cryptocurrencies as a whole.

Price Patterns to Monitor

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:

  • Trend traders may wish to keep an eye on Ethereum. It has clearly exhibited a bullish trend over the past two weeks.
  • These coins — XRP, Litecoin, and Bitcoin — don’t have a clear trend at this time, at least on a two-week timeframe.

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What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 906,717 transfers added was about 36% greater than the transactions recorded on Ripple, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum’s transaction fee is greater than Ripple’s transaction fee; in and of itself, this may imply consumers are opting for Ethereum in spite of its higher fees. Ethereum taking the top spot in terms of daily transactions, and having a double digit percentage lead over Ripple, has been the expected behavior. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $98,418,264 occurred on Bitcoin Cash’s chain. Bitcoin and Bitcoin Cash have been the two currencies that most frequently host the largest daily transaction.

Article by SixJupiter