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Price Analysis

Litecoin rallies while Bitcoin’s dominance continues to soar, topping 66%

While Bitcoin faces a slight uptick, its dominance in the market continues to increase to over 66%. Litecoin hits positive gains too.

Written by SixJupiter Published on

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.43% in aggregate. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 1.32%, which has its price now near $89.52 USD. In terms of the worst performer, that would be Bitcoin Cash, which reported a day-over-day return of -1.3% — a move that puts its price around $308.94 USD. In total, only one coin was up from the day prior, which indicates almost the entirety of the sector as a whole moved down.

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Price Action to Watch

None of the coins had surprising moves, in the sense that the prices fluctuated within the typical range they have been fluctuating between over the past few weeks. Technical traders may also wish to note the following developments in price action:

  • If you’re looking for a coin without a clear trend — perhaps a coin with some rangebound trading opportunities — Bitcoin might be one worth considering.
  • If you are looking for coins in a clear downtrend, consider and Litecoin and Ripple; they’ve been heading consistently downwards over the past two weeks.

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Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,134,152 transfers added was about 47% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $84,653,408 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $192.18 billion US dollars. That’s about 66.32% of the value of all circulating cryptocurrencies. Its dominance has been in an uptrend over the past two weeks, going from 59.94% 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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