ForexMinute.com – This is by far the most depressing day in the cryptocurrency markets as every top coin, including the likes of Bitcoin, Litecoin, Darkcoin, Dogecoin, etc. have fallen massively in the last 24 hours. The series of falls are supposedly surfaced due to a huge stack of Bitcoin (almost 1,000 units) that have been sold by Ethereum lately.
The huge drop in Bitcoin prices have thus created a ripple effect. The major one to have influenced by it is Litecoin, followed by NXT, Dogecoin and Peercoin – all of which has fallen by double-digit percentages. Nonetheless, they were already dropping due to certain subjective issues of their own, but Bitcoin’s instability has impacted their market caps and prices further.
Here is the full report:
The BTC/USD opened yesterday while being trading at around $591. It stayed in its trademark style in the initial hours, remaining between narrow trading ranges. However, the pair massively slipped in afternoon trading hours, coinciding with the time when over 1,000 BTC were sold by Ethereum. The Bitcoin market, which had already decoupled itself from the influential events long ago, wasn’t saved by the ongoing optimism within the economy. At the end of the day, the BTC/USD closed at around $573.
This trend is continuing even at present. At press time, the BTC/USD has fallen over 3% in last 24 hours and is being priced at $570.45. We though can speculate it to be its bottom, following which it may rebound soon due to the enough buying pressure at low.
The LTC/BTC was the biggest shock of the day as it fell more than 16% in last 24 hours. While the fall is definitely caused by the massive slip seen in Bitcoin charts, another reason why LTC/BTC have faced the maximum damage is its miners who are constantly dumping Litecoin in order to comply with their investments in expensive ASIC machines. This two-side attack has resulted in what we see now, a terribly devastating market.
The LTC/BTC opened yesterday while being traded at around 0.01177000 BTC and fell in sync with Bitcoin, eventually closing at the six month low 0.01016340 BTC. There is however a chance that investor starts buying LTC at bottom, but the upcoming surge might live short in absence of any crucial update.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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