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Price Analysis

Litecoin Sees a Drop of Just 0.53%

Most of the top cryptocurrencies are showing mixed signs for the say, with Litecoin bringing up the rear with a slight drop.

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 1.28%. Out of the aforementioned five, Bitcoin gave investors the best daily return; it was up 2.76%, which has its price now near $7406.75 USD. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -0.53% — a move that puts its price around $44.548832 USD. Out of the five coins observed here, three cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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Price Action to Watch

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • XRP, Litecoin, Bitcoin and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.
  • For traders viewing the 20-day moving average as a key level signalling momentum, keep an eye on Bitcoin. It’s getting quite close to its 20-day moving average.

Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 916,274 transfers added was about 52% 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 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $412,123,744 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $133.23 billion US dollars — which means Bitcoin accounts for about 66.75% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in an uptrend, moving from 65.96% to 66.86% over the past two weeks.

Article by SixJupiter