ForexMinute.com – While Bitcoin continued to stay in a stiff trading range, a much volatility was visible in altcoin price charts. In the last 24 hours, almost every top cryptocurrency has declined massively, except Ripple and Darkcoin.
Meanwhile, Dogecoin turned out to be the best failure of the day, thanks to one of its members openly distributing FUD by selling a considerable chunk of its DOGE. The uncertainties in Doge market is increasing exponentially, probably because of excessive pool dumping and over-speculated trading baits. The market is indeed going through a hyperinflation phase, which seems to breathe until the successful implementation of Aux-PoW.
The same can be said for Litecoin, which has been suffering from its own melodrama lately. The increasing pressures on miners to generate ROIs is one of the main reasons why this coin is falling constantly from recent days. The highly inflated ASICs have indeed created a hole inside the miners’ pockets, due to which aggressive dumping is taking place. From the community end, there have already been a low demand for the coins lately, probably due to the increasing exposure to other altcoins.
Here is the full report:
The BTC/USD opened Wednesday at around $585 and remained in a stiff trading range throughout the day, with its peak and bottom price being $587 and $583, respectively. The Bitcoin market was once again filled with extreme optimism – the major one being from the Britain’s possible plan to adapt cryptocurrencies. Also, a major deal was signed between payment processing platforms Global Payments and BitPay. According to the reports, this deal will open more gates for common consumers to adapt Bitcoin technology on a day-to-day basis.
The numbers thus reflected stability and calmness, a trait which can be hardly seen in any other coin now a day. At present time, the BTC/USD has increased around 0.5% and is being traded at $586.05.
The aforementioned reasons continued to cloud the Litecoin market, even in the last 24 hours. The LTC/BTC slipped further on Wednesday amid its constant dumping by miners to generate quick ROIs. It opened yesterday at around 0.01234450 BTC and tried to stay calm as Bitcoin in the following hours. In absence of any major announcement that hints a rise, the pair once again trended downwards and closed at around 0.1231030 BTC at the end of the day.
the pair has fallen more than 4% in the last 24 hours and is being priced at 0.01175600 BTC.
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter