To wrap the Bitcoin market, and the cryptocurrency network, in general, into one word, I would use the word unexpected. We were seeing the small $1-$3 fluctuations in Bitcoin for the greater part of the week, then the price broke out into a bull run. No one without insider knowledge saw this coming and caught many people by surprise.
While refreshing to see Bitcoin up 10% for the next three days, it was certainly unexpected. There was no corresponding “good news” that would cause traders to start buying Bitcoin, so the most reasonable explanation is market manipulation.
Most altcoins followed the same pattern for most of this week also, with altcoins going up when Bitcoin was going up, and coming back down when Bitcoin came down as well.
There are several altcoins that have come up, all excellent examples of what profits are made by leveraging the volatility and market manipulation that goes in cryptocurrency. Take a look at, for instance, Czarcoin.
Before this week, Czarcoin could not be found on the top 100 list. Then one day when looking at the stats, Czarcoin was now on this list and is currently at number 76 with a net percentage of 6605.60% and a market cap of $216,259.
Upon closer inspection, however, the way it got this market capitalization and price is quite deceiving. If you take a look at the exchanges in which Czarcoin is exchanged, you see two: Comkort and Ask Coin.
Also Read: Hackers Steal 7,170 Bitcoins from Chinease Exchange BTER
Ask Coins as well as Comkorts CZR/BTC trading pair show an average price of around $0.061979, while Comkorts CZR/LTC trading pair shows a current price of nearly $0.50, a difference of 800%. The spread is also quite large over at Comkort, with the highest buy order at .01 LTC and the lowest sell order at .268 LTC, showing some firm sell walls.
Darkcoin was also another coin that went on a bull run this week, one of the first. Jumping from .008 BTC to .014 BTC, Darkcoin jumped just under 50% due to one reason: the release of InstantX.
InstantX basically allows Darkcoin transactions to gain full confirmation within seconds, by leveraging the Masternode.
Also Read: Darkcoin: Instant Transactions with InstantX!
Mintcoin deserves mention for the second week in a row by gaining lots of ground within the last month. 30 days ago, the price of one Mintcoin was 1 satoshi, and the price has jumped to 15. Interest for this innovative proof of stake coin is returning, which can be seen from the sudden price spike.
Also Read: Last Weeks Market Wrap Up
With the headlines of hackers stealing Bitcoins once again, I think the market is going to react accordingly and drop back into price. Where it stops is up in arms right now, but the $210-$220 range is where I’m predicting it’ll go.
What do you think of the hack over at BTER? How will price be affected? Predictions for next week? Lets us know in the comments below!