Bitcoin Market Wrap Up 5/31-6/7: BTC Slippage Ccontinues, Vertcoin Leads the Pack
Over the last week, Bitcoin has continued to experience price slippage after briefly hitting a peak of $233 early in the week. From the peak, however, things went downhill. The price dipped to a low of $221 — a 5% drop. For the rest of the week, the price fluctuated between $225 and $223, aside from a brief bull run to $232. Through all the volatility, however, Bitcoin only dropped in value by 2.9%, much less drastic than last week’s 4.25% drop.
Also Read: Last Week’s Market Wrap Up
Bitcoin news was mostly positive this week, so market trends do not seem to be influenced linearly by outside elements.
Volume is on the low end of the spectrum this week, just above $13 million at press time. Price and volume continue to point towards further slippage. Bitcoinist will update on the market situation in the mid-week update.
Altcoin Market Analysis
After a week of cooling down, Vertcoin yet again leads the show with an 89.44% net increase this week, securing Vertcoins position at number 15.
Vertcoin was on the verge of extinction, but renewed trader interest in altcoins coupled with a slowdown in the number of new coins entering the top 100 as lead to a return to older altcoins. the fact the flow of new altcoins entering into the top 100 is slowing down, there seems to be a return to older, more established altcoins.
Vertcoin was strong throughout te whole week, with 22.47% gain alone in the last 24 hours of Sunday. The price surged this week from 0.0004 BTC and hit a peak at 0.001 BTC, but has since come down, maintaining a steady price of at 0.0007 BTC.
Vertcoin’s increased growth continued into today, with the new net gain percentage at 124%. With the price at $0.25 this week, Vertcoin has not only moved up to number 14 overnight, but has also gained a 40% increase in price over the last 24 hours.
Vertcoin social media channels are lacking any updates from developers that could instigate such a massive rise in price, so a massive pump due to insider information seems to be the train of thought that everyone is going with.
If we take things into perspective, Vertcoin has seen a total increase of 3700% since the price first started moving in a positive direction.
Vertcoin charts point to a continuation of trends, with a $140,000 volume to back. If things continue at the same pace, Vertcoin may see itself in the top 10 by this time next week.
Overall, in the altcoin market, we saw positive gains across the board, with most net losses under 10% for the poorest-performing currencies. With the cryptocurency market having been bearish for the last year or so, are things finally looking up again?
How do you feel about the market movement of Vertcoin? Buy more or sell out when you can? Let us know in the comments below!
This author’s views do not necessarily reflect those of Bitcoinist.net.