Bitcoin, among other coins, saw both an increase in price followed by a hefty decrease in price shortly after. Bitcoin broke $300 after nearly a month of steady price gains. Unfortunately, the price was not able to stay there for more than a couple of days and since then price has fallen. While the price has attempted on multiple occasions for reentry into $300, the highest Bitcoin has been this week $294. Price has continued to decline and seems to be hovering in the upper $270’s as of right now, equating to a 4% decline for this week.
Also Read: Last Weeks Market Wrap Up
With a current price at $276.95, and 24-H volume of $21 million, volume took a harder hit than price, with price only down 10% compared to volume only being 1/5th of the peak volume last week.
Bitcoin’s price while has fallen, has maintained some of the ground it acquired through the bullish market we’ve been experiencing. Trends point to relative stability at this price point, with the standard volatility Bitcoin traders are used to. While price is technically down, over a one-month chart price is still linear, showing the steady progress that is always good.
Altcoin Market Analysis
Like Bitcoin, Litecoin also broke the mold with a high around $8.50, briefly overtaking Ripple. Litecoin’s volume also rivaled Bitcoin’s for a small amount of time, but price and volume have both fallen since last week as well. Before the massive price surge, Litecoin was being traded for under $2. Even after the 20% decline Litecoin has experienced this week, the current price of Litecoin is well above that with Litecoin being traded for $3.77.
All the other altcoins that surged around this period have fallen as well, with Namecoin down almost 17% at $0.61, and Peercoin following the same trend as last week with a price that is still $0.10 lower at $0.51.
With a massive market movement like the one we saw last week, it is normal that the following weeks are relatively quiet as markets are usually given time to “cool down,” so to speak. While the price may suddenly spike up in the next couple of days, it is highly unlikely. I expect next week to be rather quiet, with only minor movements up and down for both the Bitcoin and altcoin trading markets. With no new hype to stir up a buying spree like the voting that occurred in Greece, there’s no incentive for the price to ramp up.
What are your predictions for next week? When will we see the next bull run? Let us know in the comments below!
Photo Sources: CMC