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Litecoin bounces back with a near 10% rally after previous down day

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 1.5% in aggregate. The best performer of the bunch was Litecoin, which went up 9.93%. As for the worst performing crypto out of the Big Five, yesterday that was Bitcoin; it came in at down 3.54%. Out of the five coins observed here, three cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

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:

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 48% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $359,224,960 occurred on Bitcoin’s chain. Bitcoin has the smallest average-to-median fee ratio, which suggests that fees for transactions do not grow much as transactions get larger — and thus may be part of why Bitcoin is able to attract large transactions to its chain.

Article by SixJupiter

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