ForexMinute.com – Last 24 hours in the cryptocurrency market showed some improvements against last week’s massive drop due to negative updates from China. While Bitcoin rose slightly, the altcoins – especially Dogecoin – saw an impressive surge in their prices.
The day also saw some new faces in the top cryptocurrencies (by market cap), with Primecoin, Feathercoin, Novacoin, Megacoin and Worldcoin bagging top positions in the cryptocurrency market. The coins who slipped to the lower ranks were Nxt, BlackCoin, Ripple, amongst others.
Here is the full report:
Leading cryptocurrency Bitcoin had some lenient 24 hours if one notices its last week’s fall from around $500 to a mere $430. The coin although never rose to an acceptable level, but still managed to exhibit expectations of a better future trading. The BTC/USD yesterday opened at $431.319 and closed at around $440. The pair also reached to the peak of $445 around the afternoon trading hours, coinciding with news regarding Winklevoss Twins promoting Bitcoin in an upcoming tech conference in South Korea.
Though what kept BTC/USD at bay were few negative news from the market, including the seizure of $3 million worth of Bitcoin from a Silk Road user by the US Government. The captured Bitcoins were recently converted into fiat currency. By the time this news left the wires, Bitcoin prices once again plummeted and closed at the aforementioned value.
Litecoin, Dogecoin Rises
While the so-called next best cryptocurrency Litecoin had an average day as its parent currency Bitcoin, Dogecoin was in an anti-gravity mood and rose massively. The reason why Dogecoin managed to break the shackles of PBOC’s hard hitting rulings is its involvement in other activities than finance; that eventually attracted many minds in a single day. Yesterday, the Shibes unveiled the first look of its much-talked about NASCAR racing car, which is carrying the coin’s proud logo on its front, rear, everywhere.
As a result of this overwhelming publicity, the Shibes were once again back in the game as the DOGE/USD turned out to be the only coin with a double digit rise. After opening yesterday at $.00045046, the pair rose to its day’s peak in early trading hours – reaching $0.00049195. The price although plummeted slightly around the news of US-seizing-Bitcoin breakout, and took it to a considerable $0.00047147. Though, the pair again showed an uptrend, which led it to the closing value of $0.00047952.
The DOGE/USD, at this time of writing, has risen around 10% and is currently being traded at around $0.00048257. Meanwhile, the LTC/USD is currently being traded at around $10.10, after closing at about $10 yesterday.
To contact the reporter of the story: Yashu Gola at email@example.com
Subscribe to 2-weeks free subscription of our daily forex newsletter by visiting www.forexminute.com/newsletter