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Litecoin soars 9.46%, but other cryptos dip down for the day

Litecoin has shot up by 9.46% amidst a flash of red in the market. With huge gains in the altcoin, Litecoin might be worth considering.

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 1.42%. Leading the way was Litecoin, which yielded holders a return of 9.46% from the day prior. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at down 0.93%. Just one of the coins had up days, which indicates almost the entirety of the sector as a whole moved down.

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Price Action to Watch

Litecoin had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Technical traders may also wish to note the following developments in price action:

  • These coins — Litecoin, Bitcoin, Bitcoin Cash, and Ethereum — don’t have a clear trend at this time, at least on a two-week timeframe.
  • If you’re looking for a coin in a downtrend, XRP might be one worth considering; it’s been consistently heading downwards for 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 Ethereum; its 691,422 transfers added was about 64% 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $192,917,232 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 55.36% of the value of all circulating cryptocurrencies.

Article by SixJupiter

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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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