ForexMinute.com – Last 24 hours in the Cryptocurrency market replicates the very figures major coins are accustomed to in the past few weeks. Though we can say that China’s impact on all the cryptocurrencies is fading gradually – the instance of which is proved by the rise in Bitcoin prices on Friday, right after the news of ICBC, the world’s largest bank, blocking Bitcoin in China came to light. This is further supported by the successful Bitcoin Summit that took place in Beijing.
But indeed there are other factors that can be blamed on the slump Bitcoin and other coins have faced over the weekend. A very detailed report published this Saturday on CoinDesk.com claimed Bitcoin’s continuous transaction volume drop to be one of the reasons of its weak performance in recent hours. Although, the market is still volatile and open to any kind of good/bad changes. Meanwhile, here is the report of last 24 hours in the Cryptocurrency market, in which only Mastercoin was able to see some inclination in its value.
The BTC/USD was already showing a downward trend when it entered the weekend’s trading hours. The pair closed impressively at around $453, but failed to sustain its position in the following hours, probably due to less volume transactions. A fundamental analysis can blame this fall on the announcement by popular a Cryptocurrency exchange, revealing a possible online theft worth $3.6 million.
Meanwhile, in the last 24 hours the BTC/USD has fallen from $447 to $438, with its lowest value being around $434. Despite slipping around 4% in previous hours, the pair has shown progress after hitting the aforementioned low, and is steadily trending upward. We are hopeful it will remain between $435 and $440 for the rest of the day, provided with some generous news from the market.
Litecoin, Dogecoin Stumble as Well
In times when the Litecoin community celebrating the selection of BTC China CEO Bobby Lee in the Bitcoin Foundation’s Board of Directors, the price factor is dragging these celebrations a little back. Replicating the Bitcoin fall, the LTC/USD has closed yesterday on $10.525 after opening at a high of $10.73 the previous day. The value although became stable after finding support at $10.33, but its course will solely depend on the performance of Bitcoin today, which we have predicted to be stable for now.
At the time of writing, the LTC/USD is trading at around $10.31.
The DOGE/USD is also showing the similar pattern as that of LTC/USD and has fallen around 4% in the last 24 hours as well. At this time of writing, the pair is trading at around $0.000454.
To contact the reporter of this analysis: Yashu Gola at firstname.lastname@example.org
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