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Price Analysis

Litecoin Surprises With Big Move, Dropping Over 5%

Before the weekend kicks off, Litecoin price has taken a turn for the worse with an over 5% drop into the red trading zone.

Written by SixJupiter Published on

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.5% in aggregate. Out of the aforementioned five, Ethereum gave investors the best daily return; it was up 1.57%, which has its price now near $177.5 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Litecoin; it came in at down 5.08%, which drove its price to around $52.1925 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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Key Technical Moves

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

  • Seeking momentum? XRP has been in a clear uptrend for the past two weeks.
  • Currencies without a clear trend over the past two weeks are Litecoin, Bitcoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • Bitcoin, Bitcoin Cash and Ethereum may be worth keeping an eye on, as they are getting quite close to their respective 20-day moving average. Crossing the 20 day average with conviction often accelerates a trend, according to some technical traders.

What Does Transaction Data Tell Us?

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 868,678 transfers added was about 22% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $950,638,848 occurred on Bitcoin’s chain. The circulating value of all Bitcoins now comes in at approximately $142.37 billion US dollars — which means Bitcoin accounts for about 65.85% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in a downtrend, moving between 65.85% to 67.39% over the past two weeks.

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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