ForexMinute.com – Last 24 hours in the cryptocurrency market have been immensely satisfactory as the top coins, including Bitcoin, Peercoin, Dogecoin and Namecoin, stayed calm as expected. The word “immensely” however is dedicated to Litecoin, which surprised critics by rising exponentially in the same time, this time with a double-digit percentage.
It is one of the most notable rebounds ever seen in the Litecoin trading market – the last being in October 2013. Though, it has taken place in absence of any major event. A macroscopic view into the whole case indicates a possible pump as the Litecoin prices were trading at their lowest in recent days. It is then possible that the big players have decided to bring the market to its best phase, however staying blind to the possibility of a sell-off as well. Time will tell!
Speaking of Bitcoin, the coin is supposedly turning a favourite for being used as a transparent mode of political donations. After the announcement of Swedish parliament candidate, another politician in US preferred Bitcoin over any other fiat currency. Indeed, such events never leave any major influences over Bitcoin charts, but they indeed bring out the growing interest of politicians in this new form of payment. In last 24 hours, nothing else happened in the Bitcoin market.
Here is the full report:
Rising exponentially in late Friday hours, the BTC/USD opened yesterday at a comfortable point, around $631. It continues to rise until finding resistance at 635; after which the pair started to trend downwards. This declination could be caused by a supposed shift of Bitcoin traders towards Litecoin, in order to buy the latter at lower rates. However, Bitcoin was already under the pressure upon the strict behaviour of certain governments. The BTC/USD found its lowest support at $627.
The market however rebounded right after the aforementioned support, and closed at $633. At press time, the BTC/USD has dropped a mere 0.5% in last 24 hours and is trading at $628.71.
The LTC/BTC opened at 0.01247200 BTC and continued to stay calm until noon. Right after when the clock passed 12, the pair boosted like a rocket and surged over 9% within next 7 hours (See here). It closed at 0.01359500 at the end of the day.
The pair is rising even in today’s trading hours and is currently available at $9.05.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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