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Price Analysis

Litecoin up 2.02%, Ripple down 1.74% as cryptos trade in tight range

The cryptocurrency market is trading with marginal and low volatility. Litecoin leads the positive incline with a 1.74% increase as Ripple dips.

Written by SixJupiter Published on

How the Fab Five Fared

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 0.03%. Leading the way was Litecoin, which yielded holders a return of 2.02% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was XRP; it came in at down 1.74%. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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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. Also of note for technical traders are the following developments in price action:

  • Over the past two weeks, the five largest cryptos have been void of a clear trend. Might be time to bust out the trading strategies for a rangebound market, or wait for clearer trends to emerge.

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Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ethereum; its 982,103 transfers added was about 186% greater than the transactions recorded on Ripple, which was the runner up for transactions logged on its chain over the past 24 hours. Ethereum has a transaction fee greater than the transaction fee of Ripple, which may indicate that consumers are opting for Ethereum in spite of its higher fees — though it should be noted that Ripple has typically been enjoying more transactions per day on its chain than Ethereum has over the past several weeks. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $207,136,800 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 55.47% 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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