ForexMinute.com – Stability went on a holiday, and unsteadiness returned with a bang as a majority of top coins slipped slightly-to-heavily in the last 24 hours. While the damage on Bitcoin and Litecoin charts were minimal, the other top coins including Darkcoin, Nxt, Dogecoin, and Peercoin prices fell like a stash of cards.
Here is the whole report:
BTC/USD
Yesterday was indeed a great day for Bitcoin in terms of events. On one hand, the Polish finance ministry recognized the digital currency as a beneficial financial instrument; leading ways for local entrepreneurs to indulge themselves in the Bitcoin economy, and on the other hand, Xapo received major funding from renowned businesses. These events certainly paved the frictionless path for Bitcoin charts, with its value staying almost stable for most of the time.
Related Articles
The BTC/USD opened at around $623 and rose a bit in later hours, eventually finding resistance at the day’s peak $625. Thereafter, the pair stumbled by a forgivable margin and remained steady for the rest of the trading hours. It closed at $624.
Upon entering today’s trading hours, the BTC/USD charts showed the similar price behaviour, possibly because of the CoinDesk.COM report that showed an annual surplus in the Bitcoin economy. However, it slipped by ignorable margins in later hours. At the present time, the BTC/USD has dropped 1.5% in the last 24 hours, and is priced at around $614.
LTC/BTC
After the series of uptrends, the LTC/BTC again hinted a downtrend when it fell yesterday massively, right after opening at around 0.01277630 BTC. The pair fell abruptly, probably under the influence of huge shifts in trades towards Ripple. The coin has lately been under huge pressure for not bringing anything new to the table, while its competitors are slowly slithering towards its place. There have been although a major surge in its hashrate (read here), which seemed to have been tripled in the last two months. Experts are although divided on whether it will help Litecoin prices or not.
The LTC/BTC closed at 0.01248150 BTC. At press time, it has dropped around 1.98% in the last 24 hours. Litecoin is valued at $7.81.
XRP/BTC
With no specific reason whatsoever, XRP/BTC is showing massive surges from recent days. The coin had kept itself quite low earlier, and it seems like its key actors are taking control of the situation and pumping it until its value reaches a proper threshold.
In the last 24 hours, the XRP/BTC has risen over 6%. The Ripple is valued at around $0.004015.
To contact the analyst of the story: Yashu Gola at yashu@forexminute.com
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter