ForexMinute.com – A cryptocurrency cum crypto-asset rose more than 90%, while the rest of the top coins got crumbled heavily in the last 24 hours. Though no particular reason came up front to back the fall, we think it was because of the short term profiteers selling back their coins. This has given entire market can bearish outlook, which seems tough to break in next 24 hours.
BitSharesX however remained detached from the other altcoins’ performances, and moreover rose at exponential levels in last 24 hours. While digging up the reasons, we can credit this surge to the coin’s increasing demands within the community. Though, a 90% jump is still caused by a dump. Speculations, eh?
It is still tough to say that BitSharesX ate the business of its fellow altcoins, as most of them – especially Litecoin – are coupled with Bitcoin performance in the market. Though indeed, each of them looks clearly infected, with Peercoin, Darkcoin and Namecoin being the biggest duds after Litecoin.
Here is the full report:
After rallying to the peak of 531 from the bottom of 442, the BTC/USD broke its uptrend during the 8/21 trading hours. It opened at around 513 while continuing to trend upwards, but fell notably right after facing resistance at the aforementioned peak value. There might be a sell-off at some point there, which visibly influenced the market cap and took the value to 514. The news of Benjamin Lawsky extending the commenting period on BitLicense however added some stability in Bitcoin market, because of which the BTC/USD remained in narrow trading range for the rest of the day, closing eventually at 518.
Speaking of 8/22, it seems that Bitcoin is in no mood to retrace its path back to top and is falling gradually every hour. At press time, the BTC/USD has dropped more than 2.59% in the last 24 hours is being priced at 506.86.
The short-term sell off also shook the Litecoin grounds. During the 8/21 trading hours, the LTC/BTC fell accordingly with the Bitcoin, after hitting the resistance at 0.01165180. Thereupon, the pair picked a downtrend, which is continuing even in /22 trading hours. However, the impact of Bitcoin performance were much amplified when it disturbed the Litecoin rally.
At press time, the LTC/BTC is being priced at 0.01026800 and has surged 10.16% in the last 24 hours.
To contact the reporter of the story: Yashu Gola at email@example.com
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter