This week we saw volatility that was a lot, even for the relatively unstable Bitcoin market. The week started at a low of $230, spiking all the way up to the $260 range that totals to a nearly 13% increase in price. Like many people expected, however, the price quickly fell back down and is currently hovering at just above $240, coinciding with the prediction I made in last week’s Market Wrap-Up. Despite all the turbulence in price Bitcoin has received this week, Bitcoin still ends the week with approximately 4.5% net gain.
Bitcoins volume is quite low this week, with today’s price under $11 million, the lowest it has been in several weeks. This may be due to Bitcoin trading cooling off after the intense trading that occurred this week, as volumes reached peaks of $450 million this week, showcasing the extremes of Bitcoin at its very finest.
Bitcoin looks like it needs some time to recover before any serious market movement occurs again. Next week should be relatively quiet, at least for Bitcoin. Altcoins this week also made gains and managed to retain them.
Altcoin Market Analysis
There were many altcoins this week that deserve recognition for the market gains they received this week. Ripple is up approximately 26.5% and is now above $0.01 per XRP, Litecoin has maintained its $3.00 value after a nearly 50% increase this week.
While these are all exceptional gains, in terms of sheer gains Noirshares takes the cake with it is nearly 800% gain this week.
While volume is low(and most likely market manipulation), especially when compared to bigger altcoins like Ripple and Litecoin, Noirshare is just one of the many examples of the interest returning to Altcoin trading.
Ripples increase is because after Ripple had got into some hot water with the Feds, they are now also getting some love too. Ryan Zagone, who is Head of Research on the Business Development team, was elected to the Federal Reserve’s Faster Payments task force.
“As part of the Task Force Steering Committee, Ripple Labs is humbled to have been elected by our peers to be a voice of the technology and non-bank service provider sector.”
Ryan on this committee will be responsible for representing the stakeholders of this committee, as well as innovating on payments.
“Regarding the election, Ryan said, “It’s a privilege to be selected. I look forward to leveraging Ripple’s global experience as the task force assess ways to increase speed, efficiency, access to, and competition in payments.”
In regards to Litecoin and Dogecoin, Dogecoin seems to be experiencing some organic growth which further adds evidence to interest returning to altcoins. With Litecoin halving expected in just a little over two months, it makes sense that volume is up, possibly due to buyers stocking up on Litecoin before the inevitable price bump as supply of new Litecoin will get halved.
Photo Sources: CMC
Expectations for next week? Let us know in the comments below!