ForexMinute.com – It seemed like story of a rat-army which followed the flute player to eventually jump down the cliff. The flute player here is nothing but Bitcoin, which has hypnotized every top cryptocurrency in the last 24 hours, making them fall to the pits from their once higher-state. They include Litecoin, Peercoin, Dogecoin, Namecoin and Darkcoin.
The most shocking fall however is of Darkcoin. The coin which normally stays quiet during the new development updates has been dumped on a larger scale this time (-45%), eventually falling to the tenth position. This doesn’t happen often with DRK, but this time the reason of such a dump seems more than just a fading-impact of RC4 wallet. Panic sell is one word that comes instantly to mind, but is it done by a group of traders, or one big whale? The answer is nowhere to be seen at least for now.
Litecoin, on the other hand, is once again in the hands of its miners which are constantly dumping it in order to earn quick returns off their ASIC investments. And Dogecoin, being another Scrypt based coin, too is facing a huge fall probably due to the similar dumps.
Nonetheless it is Bitcoin whose poor show at the cryptocurrency market has sparked panic throughout the clan. From the stories of Chinese miners dumping their BTC, or the quick conversion into fiat money by merchants, Bitcoin marker is surrounded with too much negativity as per this moment and is turning out to be the accidental captain of this sinking ship of cryptocurrencies.
Here is the full report:
After hitting a retracement point during the low-trafficked weekend, the BTC/USD promised to be impressive at the start of this week. But all it turned out to be a fuss when it started falling massively amidst selling pressure, and eventually reaching a double bottom within the span of 24 hours.
The BTC/USD opened while being traded at $520.19 and soon reversed from its previous day’s uptrend. The pair kept falling in the following hours, indicating a constant dump in the market. It found the bottom right ahead of the day’s close, at around $480. The pair was being supported for a while and eventually closed at $496.19.
The BTC/USD however is still reaching out for another bottom, this time opening opportunities for newbies to enter the market. Hereupon, we think the price will rebound in next 24 hours by some extent. At press time, the BTC/USD has dropped 6.29% and is being traded at $471.25.
Dumps, death speculations, and poor Bitcoin performance kept Litecoin on its feet in the last 24 hours. The LTC/BTC pair opened while being priced at 0.00957921 BTC and rose a little in the following trading hours. Incidentally, it is the same time when BTC charts were showing its fall, suggesting investors were exchanging BTC with LTC. However, the constant dumps from miners came to haunt LTC once again somewhere during the noon trading hours. Thereupon, the LTC/BTC fell massively and created a downtrend, which is still going on. The pair closed yesterday at 0.00882861 BTC.
At press time, the LTC/BTC is being traded at 0.00827780 BTC and has dropped 15.19% in the last 24 hours.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter