Cryptocurrency Trading News: Bitcoin Stiff; Litecoin Drops; BitSharesX Hits Sky

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ForexMinute.com – Overall an average day for cryptocurrency market, as the drops were minimal and Bitcoin remained stagnant as well. Though, there was a notable drop in both Litecoin and Dogecoin charts, but BitSharesX saved the face of top altcoins by mounting highly in last 24 hours.

Upon digging the reason behind the BitSharesX superfluous surge, we found that the coin is currently being pumped at high scales by Chinese investors, holding 70% of the entire coin’s volume at this time of writing. It is also reported on Bitshares’ official forum on Reddit that many big whales in the Chinese cryptocurrency space has been supporting BitSharesX for a very long time. That indeed explains a surplus rise of more than 25% against USD in the last 24 hours.

Coming back to the mommy Bitcoin, the last 24 hours in its market have been quite stiff, indicating a well-known stable price behavior for the rest of the day. The Bitcoin market is also supported by recent reports from CoinDesk.COM which directly draws fruitful comparisons between Bitcoin and the gold, mostly in terms of taxes, transport, velocity and stability.

Meanwhile, altcoins including Darkcoin, Ripple and Namecoin are also strictly in a stiff range, with little but notable falls in the last 24 hours. Peercoin however has risen a little bit owing to an increase in its trading volume.

Here is the full report:

BTC/USD
The BTC/USD was bullish for most of the time during 8/24 trading hours. Breaking away from the 8/23 downtrend, the pair showed a little recovery while opening at around 497 and mounting further in later hours. Upon finding the resistance level at around 511, the BTC/USD declined a bit ahead of the closing hours, and closed at around 507. The stiff trading range continued even today in 8/25 trading hours. However, the BTC/USD declined a bit, possibly because of the quick surge in BitSharesX prices via China.

At press time, the pair has dropped only 0.13% in last 24 hours and is now being traded at 502.30.

LTC/BTC
Likewise BitSharesX, the Litecoin market was mostly moved by Chinese traders in the last 24 hours. With most of their concentration falling on the newbie, the LTC/BTC dropped significant weight by falling more than 6% within the same time span. The stability in BTC prices didn’t help the coin much. It although opened quite well – at around 0.00974292 – while tailing BTC inclination, and soon inflated to its intraday high at 0.1113790. At the peak, there might be a gradual shift towards BitSharesX that ultimately caused Litecoin few dollars from its market cap. The LTC/BTC thus started trending downwards, closing at around 0.01065910.

The downtrend is continued even during the 8/25 trading hours. At this very time, the LTC/BTC is priced at 0.01031250.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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