Bitcoin has made a healthy bounce back since we hit our weekly low of $233 around the night of May 18th. However, Bitcoin only made an additional gain of 1.8% during the week.
Also Read: Last week’s Market Wrap Up
Between the 17th, and 24th, we’ve saw the Bitcoin price fall from $237 to $232, with most of the 2.1% decline occurring in a couple hours between the 18th and 19th. In that same time frame, we also saw the price shoot back up from $232 to a peak at around $243 on Bitfinex, an additional 4.5% increase in volatility.
Long story short, Bitcoin’s price was relatively volatile this week with plenty of up and downswings. Bitcoin’s volume was lower than average as well, with 24-hour volume just below $12 million.
Altcoin Market Analysis
Some of the older altcoins saw bullish activity this week. In particular, Litecoin saw a 25% increase in its price.
The list of bullish coins extends beyond Litecoin, however. Dogecoin, NXT, Peercoin, Blackcoin, and Vertcoin were all coins that saw impressive returns.
Dogecoin, NXT, Peercoin all saw net gains this week greater than 20%, with none of them showing extreme market manipulation; each cryptocurrency showed relatively organic growth.
Now I say “relatively organic” for one reason. It usually takes a lot more than one or two traders to manipulate the price when it comes to bigger name currencies like the ones listed above. However, it does not mean that it is impossible. While the sudden bullish market in these cryptocurrencies could also suggest accumulation for later manipulation, this may also show a legitimate change of interest to older and more reputable cryptocurrencies.
Two currencies that made a comeback this year was Blackcoin, with a 134% net gain this week, and Vertcoin, with nearly 600% increase in price this week.
Blackcoin saw a massive bull run earlier this week that sent the coin from under 7,000 Satoshis all the way up to over 20,000 Satoshis. Since then, the price has corrected, leaving Blackcoin at approximately 12,500 Satoshi as of press time.
Vertcoin saw more of a linear increase this week, the price creeping from 5.2 K Satoshis to 22.6K Satoshis. From that point, the price exploded over the next couple of hours, where it peaked at 45.1 K Satoshis. Vertcoin, while back in a good position at number 27, is still a far cry from its launch price — which neared $10 — or the stable period when Vertcoin hovered at $1 for several weeks.
Will Blackcoin and Vertcoin hold at their new prices? Why do you think we are seeing a return to older cryptocurrencies? Let us know in the comments below!
This author’s views do not necessarily reflect those of Bitcoinist.net.