ForexMinute.com – Cryptocurrency market took a deep dive into losses and despair over the weekend. While on one hand, Bitcoin broke almost all supporting levels, top altcoins like Litecoin. NXT, BitSharesX, Peercoin and Dogecoin too slipped heavily in the last 24 hours, probably under the pessimistic influence of the Bitcoin market.
Meanwhile, Ripple and Darkcoin displayed an impressive growth, rising over 14% and 3%, respectively. The former have lately been enjoying some great optimism from the market, thanks to its much-awaited integration with the two US banks. Ripple Labs, the official caretaker of the Ripple, signed a deal with the US-based CBW Bank and Cross River Bank, for integrating the coin’s protocol to the banks’ infrastructure.
Darkcoin, on the other hand, is enjoying the positivity raised from the announcement of open sourcing Darksend – their renowned anonymity-offering platform. Last week, the coin also gained a few important fans in the trading sector. While Bittlylicious have extended its credit payments to Darkcoin buyers, renowned cryptocurrency exchange CEX.IO also have announced to introduce new trading instruments for Darkcoin. As a result, there is a notable improvement in the coin’s market cap lately.
But none the least, all the eyes are focused on Bitcoin which we believe is approaching towards breaking yet another support level. During the 9/17 trading hours last week, the Bitcoin price was similarly dropped by notable margins, where analysts predicted strong bearish sentiment in the market. However, the news of PayPal integrating Bitcoin for its merchants helped the coin’s price to reverse the expected the trend. And now, when the impact of all such positivity is fading away, the Bitcoin market cap is once again facing the threat of a huge selling pressure.
Litecoin meanwhile is expectedly tailing the Bitcoin’s chart. It also lost its number 2 position of the top market caps, replaced by Ripple which lately added $20 million to its market cap. This might give investors a reason to dump LTC against more profitable coins. But overall, its performance in next hours is mostly dependent on Bitcoin, whose very own expected trend is bearish.
Here is an elaborated version:
The BTC/USD opened at 400 during the 9/28 trading session and traded between a narrow trading range for the initial hours – between 401 and 398. It however fell immensely somewhere around 0600 UTC, crashing from 398 to 375 by the end of the day, breaking all expected support levels. The reason of such a reversal is speculated to be the low BTC demand.
However, the market is hinting both strong bullish and bearish outlook in next hours. Such downfalls, and quick reversals, have taken place multiple times in past. A double-bottom price may influence traders to buy back huge chunks at lower price, which will subsequently boost the market cap. In case the BTC/USD shows the bearish behavior, we expect the price to drop as low as $325/ However in case of bullish behavior, it might retail stability at 400.
To contact the reporter of the story: Yashu Gola at email@example.com
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