ForexMinute.com – Amid several uplifting and depressing events, the cryptocurrency market in the last 24 hours offered both good and bad news. While Bitcoin continued to remain cool and compose, altcoins including Litecoin, Dogecoin and Darkcoin remained on a downside throughout the day.
Starting with Bitcoin, its economy was supported by a number of optimistic events such as the upcoming regulations of cryptocurrencies in France, as well as the launch of new Bitcoin Interest accounts at Huobi for international customers and none the least, the announcement of Visa to consider supporting digital currency payments in the future. On the flipside, Kyrgyzstan government banned the use of Bitcoin within its territory.
Bitcoin however remained stagnant despite of both positive and negative vibe. The coin has indeed broken the pattern of being volatile like other coins. We can see that a number of serious investments made into its economy, and its acceptance by world’s major businesses like Dell, Expedia etc. has transformed Bitcoin into more of a currency than a trading bait.
Meanwhile, other coins are still giving the impression of being the prisoners of the events happening around them. Litecoin, for example, is still slipping to reach further bottoms probably because of the huge selling pressure. The similar can be said for Dogecoin, whose market cap has hardly reflected the positivity generated by the news of its merge mining with Scrypt coins. On the other hand, Darkcoin’s temporary uptrends are once again sliding in absence of any new development update.
Here is the full report:
The BTC/USD remained in a narrow trading range throughout the day – between $584 and $588. The pair opened at around $586 and went on trading with little hiccups in the next few hours. It however saw a notable jump after crossing the noon bar, following which its value increased from $586 to $590. This surge indicated the entry of a considerable amount of coins into the economy. As a result, the BTC/USD closed at an intra-day high of $588.
In today’s trading hours, the Bitcoin market though faced a little resistance in the wake of the ban imposed on it in Kyrgyzstan. The BTC/USD has increased 0.18% in the last 24 hours and is being traded at $586.74.
The Litecoin remained to be decoupled from Bitcoin’s calm show at the market, and fell massively in last 24 hours. It is once again a high selling pressure on traders that are disturbing the equilibrium of the Litecoin market. The LTC/BTC opened yesterday at around 0.01284650 BTC and continued to slip in the next hours as well. The downside value suggested that the coin is currently being exchanged with the other profitable altcoins, including Bitcoin as well. There is also a huge chance of Litecoin miners selling the coin directly with fiat money to score the required ROIs.
There is however a chance of Litecoin to bounce back upon reaching the bottom. The LTC/BTC has shown similar behaviors in past. But indeed, a 6-month chart shows a different picture all at once. The pair has lost over 50% of its price value in these times. The arrival of other coins have indeed shaken the Litecoin community, and its impact will be visible in coming days as well.
The LTC/BTC has dropped 3.98% further in the last 24 hours and is currently available at 0.01240500 BTC.
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