ForexMinute.com – It is though not official, but we can say that Bitcoin if moving towards forming another bubble. After falling to its double bottom last week, the coin has recovered immensely in recent days, and is continuing to climb the ladder even at this time of writing. Its ripple effect can also be seen on other top cryptocurrencies, with most of them rising with double-digit percentages in the last 24 hours.
The most surprising thing however was the unexpected ineffectiveness of the ATO’s tax proposals on the cryptocurrency market. This event was considered to bring a certain pessimism in the markets of Bitcoin and other most traded coins. But it seems like that Bitcoin, especially, is completely decoupled from such market updates, also proves its recent fall amidst growing adaption. In fact, Bitcoin prices rocketed without any resistance in the last 24 hours.
Meanwhile, altcoins including Darkcoin, Litecoin, Dogecoin, and others are indeed getting sold because of their relatively lower values. This is also the reason why their surges are almost doubled and tripled than those of Bitcoin’s. We are hoping they rise further in the next 24 hours.
Here is the full report:
The BTC/USD opened while being priced at around $485, but soon dropped a few dollars in latter hours, probably because of short term selling pressure. The pair however bounced back upon hitting the support level at $467, and formed a familiar uptrend which remained throughout the day, with consecutive resistances at $507 and $515. The BTC/USD eventually closed at around $513.
At press time, the pair has risen over 10% in last 24 hours and is currently being priced at $518.55.
The LTC/BTC replicated the Bitcoin charts in its usual manner, though were more volatile. The pair opened while being priced at 0.00966332 BTC and fell similarly on the footsteps of Bitcoin in later hours. It ultimately found the day’s bottom at 0.00946220 BTC and retraced towards an uptrend thereafter, eventually closing at around 0.01069260 BTC.
At press time, the pair has surged around 17% in last 24 hours and is now trading at 0.01108920 BTC.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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