Forexminute.com – It might be the first time in months where altcoins decoupled themselves from Bitcoin, and progressed on their own merits. In the last 24 hours particularly, it was Bitcoin which saw the maximum drop in its market cap and prices, while other top cryptocurrency including Litecoin, NXT, Ripple and Peercoin recovered from the bottom.
Bitcoin by far has broken every expected support level and is going towards touch its three-month low in the cryptocurrency market. The reason as usual is the disturbing ratio between selling and buying. Even in the last 24 hours, we have seen a whopping 9,000 BTC sold in an act of panic sell. However, we expect BTC to rebound strongly once the price reaches the next support level of $490.
Apart from Bitcoin, Darkcoin too has fallen notably in the last 24 hours. Though the coin is hinting to improve in the next 24 hours in the wake of the launch of much-awaited RC4 wallet. The event has indeed filled optimism inside the Darkcoin market, whose effect is slightly visible in the DRK/USD hourly chart.
Here is the full report:
The BTC/USD opened yesterday while trading at $568. It though kept trending downwards amidst high selling pressure and broke multiple support levels, mainly at $560, $551 and $535, consecutively. The market however hinted to recover while staying stable ahead of the closing, but fell notably once again due to the selling of 9,000 BTC on BitFinex, taking it price against USD to a three-month low.
At press time, the BTC/USD has fallen over 5.5% and is being traded at $509.32. We expect it to fall below $500 by the end of the day. It might create a psychological impact on investors and they might start buying BTC at low. Advice is to hold the coins for now.
Litecoin prices in the last 24 hours somewhat decoupled itself from the BTC charts. The LTC/BTC pair opened while being traded at 0.00997383 BTC and dropped further under the influence of Bitcoin. But unlike the BTC/USD, the Litecoin soon support at 0.00918388 BTC, from where it stayed stable for the rest of the day. It might be possible that the Bitcoin investors were simply shifting to Litecoin, as its stability coincides hugely with the fall of Bitcoin. The LTC/BTC closed at around 0.00920607 BTC.
Upon entering today’s trading hours, the pair recovered immensely as it hinted an overall uptrend. At press time, the LTC/BTC has increased around 6.9% in last 24 hours and is being traded at 0.01018180 BTC.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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