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Price Analysis

Litecoin gains 14% as Bitcoin’s struggle continue

While Bitcoin dips down in price, the rest of the leaders in the cryptocurrency market are heading upwards; Litecoin hits 14% increases.

Written by SixJupiter Published on

How Did the Fab Five Finish?

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -1.1%. Leading the way was Bitcoin Cash, whose price is now around $292.15 USD, which yielded holders a return of 3.5% from the day prior. Three of the coins had up days, which is a mixed sign for the crypto sector.

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Key Technical Moves

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. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • These coins — Litecoin, XRP, Bitcoin, and Bitcoin Cash — are in a clear downtrend at this time, at least on a two-week timeframe.

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What Does Transaction Data Tell Us?

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 has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $108,234,968 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 65.77% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an uptrend, climbing from 61.99% to 66.32%.

Article by SixJupiter

Written by

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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