Cryptocurrency Trading News: Market Blossoming Ahead of Weekend

By August 8, 2014Bitcoin Business
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Cryptocurrency Trading News: Market Blossoming Ahead of Weekend
Cryptocurrency Trading News: Market Blossoming Ahead of Weekend

ForexMinute.com – Last 24 hours in the cryptocurrency market have been very satisfactory as top coins, including Bitcoin, Litecoin, Ripple, Darkcoin and Dogecoin, saw notable growth in their prices. While Bitcoin was already stagnant for a few days, the big relief came with the price rebounding of Litecoin and Dogecoin prices, which were falling constantly from recent days.

At first, the growth in Litecoin prices can be credited to a joint statement released recently by top ASIC mining machine manufacturers, which says that they all are starting to accept LTC as one of the payments for their products. The manufacturers also introduced a 5% discount on all the products that are sold in LTC. Litecoin creator Charlie Lee himself has welcomed this change and has termed it as a deterministic step to promote the coin’s network stability and future growth.

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The aforementioned announcement somewhat also favored Dogecoin for being a Scrypt-based digital currency. However, the impact was minimal at best. But overall, it’s a great news for miners that are already struggling to make enough returns off their investments in ASICs.

Here is the full report:

BTC/USD
The BTC/USD opened yesterday at $585 and soon rallied upwards amidst notable buying opportunities. The pair indeed was proving its stability from recent days, making itself the safest investments in cryptocurrency markets. Thus, the investors identified the trend and pumped the market, taking BTC to its intraday best. The BTC/USD closed at $589 at the end of the day.

Upon entering today’s trading hours, the pair further jumped by greater extents. At press time, the BTC/USD is being traded at $591.16 and has surged 0.87% in last 24 hours.

LTC/BTC
High on optimism from its own house and Bitcoin’s surge, the LTC/BTC rose notably in the last 24 hours. The pair opened yesterday at around 0.01229410 BTC and remained in a stiff trading range. Collecting optimism from the BTC charts, the LTC/BTC pair picked momentum during the afternoon hours and comfortably closed at around 0.01218800 BTC.

At press time, the pair has surged 1.24% in the last 24 hours and is being priced at 0.01194100 BTC.

To contact the reporter of this story: Yashu Gola at yashu@forexminute.com


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