Ethereum holds but Litecoin plummets by 3.7% in surprising move

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 -1.94%. Leading the way was Ethereum, which yielded holders a return of -0.28% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -3.7%. Out of the five coins observed here, none cryptocurrencies were up — which indicates a wave of bearishness befell the sector as a whole as a whole. Bitcoin is near $10,900 USD at the time of this writing, and thus is still challenging the $11,000 level. Ethereum, meanwhile, is holding above $300.

Price Action to Watch

The move in Litecoin was especially surprising; it was much larger than the normal daily trading range associated with the currency. Also of note for technical traders are the following developments in price action:

  • Seems like it might be a trend trader’s market, in the sense that over the past two weeks all of the major coins are in a clear uptrend.

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Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 9% 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 $36,228,808 US dollars. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 58.87% of the value of all circulating cryptocurrencies.

Article by SixJupiter

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