ForexMinute.com – Last 24 hours in the cryptocurrency market has been nothing more than worse. While Bitcoin continued to drift downwards, other coins including Litecoin, Darkcoin, Dogecoin, etc. were also brought down under the ongoing pessimism.
The most devastating fall however was of Litecoin, which is speculated to be coupled with the Bitcoin’s poor performance in the last 24 hours. In previous weeks, we actually saw some trend lines in Litecoin charts that were not tailing the Bitcoin performance, probably because Bitcoin itself was sailing smoothly at that time. However, the recent downtrend in Bitcoin charts (possibly because of a sell-off) ripped Litecoin as well. Indeed the coin is currently being sold by short-term profiteers upon reaching the peak.
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The reason of Litecoin’s embarrassing performance in the last 24 hours can also be blamed on the growing negativities regarding Scrypt. The recent clash between Litecoin and Dogecoin went dirty when the developers from both the sides stared pointing out the certain loopholes in the coins’ respective networks.
Therefore, Dogecoin also is facing trust issues lately from its traders and merchants lately. At one side, its volume is dropping on a daily basis, and on the other, renowned merchants are discontinuing accepting it as a mode of payment. A wrong ignition is certainly affecting the reputation of both of them.
But in the end, it’s the game of trading which only knows profit and loss. The markets will soon rally upward once again, after reaching to the bottom. The only sustenance that we will see is when the top coins will be used actually as a currency, not just for a money-making catalyst.
Here is the number report meanwhile:
BTC/USD
Bitcoin met its worst day of the week in last 24 hours. The BTC/USD, which opened yesterday at around $619, fell massively right ahead of noon to the bottom of $598. It almost looked like as if someone withdrew a large chunk of BTC from the market. The pair however tried to recover in later hours, probably because of subsidizing actors, and closed around $601.
At press time, the BTC/USD has fallen 2.01% in last 24 hours and is trading at $601.17.
LTC/BTC
The LTC/BTC, coupling with the fall of BTC/USD, also had its poorest day in weeks in the last 24 hours. The pair opened at 0.01362350 BTC and stayed smooth likewise Bitcoin. It though fell in sync with the latter’s sudden slump. At the end of the day, the pair closed at 0.01292860 BTC.
At press time, the LTC/BTC has lost a whopping 6.28% in last 24 hours and is being traded at 0.013007967 BTC.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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