ForexMinute.com – The selling pressure on Bitcoin and other cryptocurrencies remained even in the last 24 hours, following which almost every top coin fell massively throughout the day. The only optimism was brought by the newly launched BitSharesX and MaidSafeCoin – both of which rose impressively within the same span.
BTC/USD
Bitcoin’s price charts clearly displayed the signs of selling pressure on traders. Amidst the surging merchant adaption, Bitcoin is indeed getting converted to fiat currencies, which is subsequently impacting its price stability in recent days. However, it is not such a bad thing as the growing merchant population inside the Bitcoin economy will eventually lessen the role of fiat currencies.
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Speaking particularly of the last 24 hours, the BTC/USD opened at around $583. It though remained calm in the next hours, but then once again came under routine selling pressure. Right before noon, the pair dropped massively to find its first support at $577. There was some effort visible right after the fall, but they were resisted by the time BTC/USD rose to a dollar high. Thereupon, the pair started trending downwards to subsequently close at $565 at the end of the day.
Apart from higher conversions, there is another reason why Bitcoin is falling rapidly in recent days. It is indeed caused by short term profiteers who were waiting for BTC to hit the peak. The resulted sell-off might have caused instability in the market, which eventually affected the market cap and price.
At the present time, the BTC/USD has dropped 1.63% and is being traded at $570.13
LTC/BTC
The LTC/BTC meanwhile remained under the impact of Bitcoin performance, and traded in parallel with the latter in the last 24 hours. The pair opened yesterday at around 0.01308940 BTC and traded calmly in the following hours. However, the selling pressure of Bitcoin indirectly impacted the LTC price behavior and it dropped heavily right before noon, finding successive supports at 0.01280780 BTC and 0.01278300 BTC. The LTC/BTC eventually closed at 0.01281080 BTC.
At press time, the pair has dropped 3.57% and is being traded at 0.01269920 BTC.
DRK/BTC
In the meantime, Darkcoin has some improvement to show, though too little to consider. In the wake of its recent development update regarding DarkSend+, the DRK/BTC surged a bit in last 24 hours. It though had a poor day overall, as there was a huge fall between the prices at which it opened and close. The improvement meanwhile came during today’s trading hours.
At press time, the DRK/BTC has surged 2.5% in last 24 hours and is priced at 0.00807392 BTC.
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
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