Cryptocurrency Trading News: Market Indicates Recovery

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ForexMinute.com – Despite being in its strictly average phase, cryptocurrency market showed few signs of recovery in the last 24 hours. Previously, we saw how Bitcoin prices tumbled during mid-week, eventually affecting other digital coins as well. Only Nxt and Darkcoin, owing to some optimistic word-of-mouth publicity, manage to stay stable during the market’s worst phase this month. While other coins, such as Litecoin, Peercoin, Dogecoin fell just short of touching the stable sign.

As of now, the market is once again showing many of upward signs, with Bitcoin and many other cryptocurrencies in top ten have surged considerably in the last 24 hours. Here is the full report:

BTC/USD
The BTC/USD opened yesterday at around $583 after a series of drops faced earlier. It was due to a supposed theory that popular Bitcoin mining services provider GHash.IO has taken over the major chuck of Bitcoin blockchain, causing a 51% attack. The impact of this news continued to be visible on Bitcoin market, as its pairs suffered majorly and sent Bitcoin figures to its month’s low.

However in last 24 hours, the BTC/USD showed some signs of recovery, the time that coincided with the moment when GHash.IO went to its own recovery mode. The price picked up during the mid-trading hours yesterday and went on closing to around $581.62.

A 51% attack is indeed capable enough to tarnish any coin’s reputation, Bitcoin may face its impact in the upcoming days, where its value might stay below the comfortable line. At this time of writing, the BTC/USD has increased 4.38% and is valued at around $600.

LTC/USD
This is the first time in months Litecoin’s value has dropped below $10. This is once again due to the implications set by the Bitcoin market. As we have discussed earlier about the possibility of Litecoin users holding their coins until the launch while waiting for the much expected launch of Scrypt ASICs, there would be no doubt to say that some handful of investors might have shortened Litecoin in exchange of some other profitable coin – fearing the constant similarity seen in its and Bitcoin price charts.

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As a result, the LTC/USD is now below $10, currently priced at $9.89. After opening at around $10.07 yesterday, the pair stumbled heavily due to the aforementioned cause. It although recovered in late hours and closed at $9.924. The market, even today, has fallen a bit after showing some stability in initial hours. Its course in the next 24 hours, we believe, solely depends on how the Bitcoin market remains throughout the day. For now, we think it is a good time to buy this coin as it is unlikely to go lower.

NXT/USD
Since the announcement of Nxt to be endorsed by GoCoin, its market has seen certain stability, avoiding the volatility it saw earlier. Another reason for this decent performance can also be some expected launches led by the Nxt team, which include its fiat exchange NxtHaus, POS terminal, etc.

Speaking of figures, the NXT/USD opened yesterday at around $0.06997094 and closed at $0.7169141. At this time of writing, the pair is being valued at $0.075205, rising 2% in last 24 hours.

DRK/USD
With its hardfork announced to be implemented on June 20th, DRK/USD is flying high in prices and has risen over 2.5% in last 24 hours. Its current value is $10.35 and is likely to go up until the aforementioned date.

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

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