ForexMinute.com – Last 24 hours in the cryptocurrency market have been very disappointing. Leaving aside NXT, every top coin has fallen notably within the time span, indicating a bearish outlook for the entire market.
This might be yet another Bitcoin-led downfall, which we just saw over a week back. Bitcoin, which seems to have drifted from its consolidating, low-volatile period, recently suffered a major $30 decline, which is incidentally correlated with the bot malfunction at cryptocurrency exchange BTC-E. Furthermore, we believe that a lot of coins have been dumped in paying commissions to BTC-E illicit volume trade, originated from the endless loop of aforementioned bot.
Even though, we throw this entire episode off the window, we cannot ignore that there have been over 30% decline in Bitcoin prices this year – a major one of course due to the Mt Gox mishap. The market however recovered to consolidating scenarios but the increasing Bitcoin adaption have also appeared as a major cause for such quick falls.
What we see as a result is the entire market tailing the Bitcoin chart, one way or another. Litecoin, being the closest one, followed with Ripple, BitSharesX, Peercoin, Dogecoin, Darkcoin and others are the key examples if one notices the parallel trends from previous months.
Here is the full report of the last 24 hours for now:
The BTC/USD opened at 480.2 while being trading during the 9/1 market hours. The sell-off originated from the malfunctioned bot was clearly visible in the early hours, as the BTC/USD fell extensively during that period, finding an ultimate support level at 473.3. The considerably low price at which Bitcoin was trading might have increased the buying pressure, as the pair picked momentum right after hitting the aforementioned support level. It however fell once again by few dollars, but managed to stay between tight trading ranges for the rest of the day.
At press time, the pair has dropped 0.55% in last 24 hours, and is being traded at 477.07. It is expected to stay bearish in next 24 hours.
Staying the amplified version of Bitcoin charts, the LTC/BTC faced similar drops in yesterday’s 9/1 trading hours. It opened at around 0.1016690 and traded in a narrow range likewise Bitcoin for the rest of the day. However, it fell massively right before the day’s end, probably due to a supposed BTC sell-off that took place somewhere near the same time, taking LTC/BTC to the closing value of 0.00991901.
At press time, the LTC/BTC is consolidated and is trading stably. It has however dropped more than 3% in last 24 hours against BTC, and is now being priced at 0.00987511.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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