ForexMinute.com – After falling aggressively last week, most of the top coins improved immensely in the last 24 hours, including Litecoin, Bitcoin, BitSharesX, Dogecoin, NXT, and others. However, Darkcoin dropped notably within the same period.
The Bitcoin Movement
The biggest relief came with Bitcoin signals which, as was predicted in one of our 9/29 articles, rebounded right after the announcement of Circle expanding its services globally. From there on, Bitcoin prices are comfortably trending upward, with a short-term fall in the midst of 9/29 trading session. Even in the last 24 hours, the Bitcoin market was met with a number of influential news – one of them including the interview of FinCEN Director Jennifer Shasky with CoinDesk.COM, in which the lady ensured to minimize burden of Bitcoin-centered companies in the US.
The political influence has always been visible on forex and stock markets. Bitcoin is no exception, indeed. But at the end, what exactly made traders buy back their digital trades have many perspectives. Firstly, the coin was already being traded at the bottom of 373. Thus, the buying pressure was inevitable. Secondly, the ongoing funding rounds in the Bitcoin economy has created an optimistic trading environment for traders, especially in the Chinese economies where investment options are limited under the government’s strict rules.
Lastly, it is the miners who reportedly drive the market’s supply-demand ratio. The growing adoption of Bitcoin in traditional markets has indeed boosted its demand. On the other hand, miners still struggle to earn fruits from their whopping investments on ASIC machines, due to which they hold the coins until the price has reached expected peaks. The same can be said for the exchanges on which selling volumes rise and fall almost suddenly now a day, probably via OTC transactions.
What actually will drive the Bitcoin price is highly debatable even now. Here is the report of the 9/30 trading session meanwhile:
The BTC/USD opened during the 9/30 trading session at 375, after falling from 384 the previous day. As quoted in the above analysis, the pair was indeed supported by the increasing buying pressures, which ultimately initiated a bullish pullback. The price began to roll that last for the entire day. The pair eventually closed at 388.
At press time, the BTC/USD is in a consolidating range and is being traded at 386. It has risen more than 1.5% in the last 24 hours. The market is expected to stay at least short-term bullish. It is expected to face resistance at 400. In case of bearish sentiment, it might find the next support level at 375.
Like always, the Litecoin’s performance in recent days seem like an amplified version of Bitcoin. The LTC/BTC, in the last 24 hours, advanced towards the intraday high, and is now hinting a strong bullish sentiment in the market. The maximum portion of Litecoin trades are associated with BTC, and when the Chinese markets are reportedly investing back into the Bitcoin market (as the cryptocurrency records the maximum trading volume from China), it somewhat impacts the Litecoin prices indirectly.
During the 9/30 trading session, the LTC/BTC opened at 1,129,400 satoshi and remained stable for the initial hours. It though picked momentum around 1200 UTC, where its price broke the consolidating range and reached to the week’s peak at 1,163,500 satoshi. It however dropped a little, probably because of the short-term profiting traders wanted to sell the coin at the peak. The LTC/BTC eventually closed at 1,151,510 satoshi at the end of the day.
At press time, the pair is being traded at 1,154,940 satoshi and has surged 1.96% in the last 24 hours.
Darkcoin seems to be opposing the market trends from recent days. During a bad week in the cryptocurrency markets last week, this anonymity-offering coin was among the few ones in the top ten, which managed to surge with notably impressive levels. And now when the entire range of top digital currencies have rebounded, it is Darkcoin which has fallen with an equal force.
At first, we have to consider the optimism which surrounded the Darkcoin market last week. The successful launch of RC5, along with the open sourcing of Darksend, brought much money into the market. We can assume that the impact of those events have now faded, and the investors have preferred to move towards Bitcoin.
Speaking of the last 24 hours, the DRK/BTC opened at 760,135 satoshi during the 9/30 trading session and shot upward to find its first resistance level at 773,110 satoshi. It however failed to sustain its peak for long and fell massively amidst strong movement toward the Bitcoin market. It however tried to recover once after dropping to 742,020 satoshi, but slipped heavily in absence of any supporting entity. The DRK/BTC closed at 698,796 satoshi.
At press time, the DRK/BTC has fallen more than 6% and is being traded at 692,539 satoshi.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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