Cryptocurrency Trading News: Market Rebounds Sharply in the Last 24 Hours; XCP Rockets

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ForexMinute.com – Most of the top coins displayed bullish sentiment during the 10/6 trading session. While all of them, mainly Bitcoin, is actually recovering from their respective bottoms, there is another cryptocurrency which has made a surprise entry into the top ten list. XCP, the native currency of Counterparty protocol, has surged over 100% against the USD in the last 24 hours, subsequently earning itself the 8th position on CoinMarketCap.com.

The reason why XCP has been subjected to such huge buying is Overstock. The latter has announced this Monday to hire two of the leading developers from Counterparty’s team, who will be assisting the company in designing and developing new decentralized stock exchange. The collaboration between Overstock and Counterpart has injected a certain hype inside the XCP’s market, whose benefits are clearly taken by the investors holding the majority of XCP.

Other than XCP, the coins which have seen the massive surges in their values are Peercoin (+38%), Dogecoin (+15%), Litecoin (+7.5%), and Darkcoin (+5%). The latters are said to have been influenced by the Bitcoin’s bullish behavior in the last 24 hours.

BTC/USD
The market opened on 10/7 amidst strong buying pressure. Initially trading at around 319, the BTC/USD faced a little slump in the early hours probably due to short-term traders selling a forgettable chunk of their investments. The pair however picked up momentum in later hours, and started trending upwards by finding consecutive supports at 309, 315, 323 and 332. In the meantime, the BTC/USD also reached its intraday high at 338, but fell right ahead of the closing to 328.

There is a huge chance of Bitcoin to rise further today. If the bullish sentiment persists, the BTC/USD will be testing 340-345. If bearish, it might fall back between 305 and 310. A stable scenario will surely add more optimism to the market, so we can at least expect short-term bull in next few days.

At press time, the BTC/USD is being traded at 336 and surged over 9% in last 24 hours.

LTC/BTC
The LTC/BTC opened at 1,155,130 satoshi, but soon displayed some aggressive fluctuations in the charts. For example, the pair rose almost instantly from the opening value to 1,197,700 satoshi but dropped almost equally with the same velocity in later hours, hitting 1,155,010 satoshi. At one point of time, the pair was pulled down to 1,127,630 satoshi, though it rebounded back to hint a short-term uptrend. The LTC/BTC closed at 1,155,280 satoshi.

The pair is now being traded at 1,156,690 satoshi and had fallen 2.09% against the BTC.

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