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Price Analysis

Bitcoin gains and Litecoin up nearly 7% as cryptos rally for the day

As the cryptocurrency market faces another rally, we see Litecoin taking the cake with a near 7% price increase.

How the Fab Five Fared

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 2.66%. Out of the aforementioned five, Litecoin gave investors the best daily return; it was up 6.9%. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin Cash; it came in at up 0.17%. In total, all five coins were up from the day prior, which is nice for those bullish on cryptocurrencies.

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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. Technical traders may also wish to note the following developments in price action:

  • Trend traders rejoice! All five of the coins are in a clear, solid uptrend over the past two weeks. Opportunity to buy pullbacks within this trend on shorter timeframes?

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 1% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $556,596,544 US dollars. Bitcoin has the largest market capitalization, which may shed insight into why it has been able to attract the largest transactions to its chain. The circulating value of all Bitcoins now comes in at approximately $ 151.55 billion US dollars — which means Bitcoin accounts for about 55.54 % of the entire cryptocurrency market.

Article by SixJupiter