Bitcoin Market Wrap Up 5/24-5/31: Bitcoin Falls Below $230, Ripple Rebounds, Vertcoin Holds Steady
This week in Bitcoin, we saw a straight trend downwards, with no reversals or bounces. The price briefly held at $240, peaking at $242, and then proceeded to slowly depreciate until it hit a floor at $228 — decreasing nearly 5% over the last seven days. Since then, the price has recovered slightly and is hovering at $230.
Also Read: Last Week’s Market Wrap Up
Bitcoin’s depression in price is most likely due to the attention OKCoin has been receiving due to the drama surrounding its management of bitcoin.com. In short, OKCoin abandoned the management of the website and Roger Ver, the domain owner, claimed that the CEO of OKCoin forged a contract and placed Ver’s signature on it without his knowledge or permission.
“Roger Ver claims that the CEO of OKCoin forged a contract and then forged his name onto it; PGP cryptographic signatures have proven it to be a forgery. He says OKCoin going to such extremes so that it can get out of a $10,000/month payment. According to him OKCoin is already insolvent and doesn’t have the money.”
For the time being, volume is holding steady and so is the price. Recent charts suggest that the trend is not reversing, or stopping so we may see slumps into the $220’s range. Bitcoinist will update on the market situation in the Mid-market update.
Altcoin Market Analysis
Ripple led the way this week, making an excellent recovery after tanking because of its FinCEN drama. With its price approaching $0.01 once again, Ripple is up nearly 21% this week, a healthy amount of growth that does not seem like its stopping.
The charts suggests that action on the Ripple market is cooling off for now. The price may sit at $0.008 for a while, but Ripple still has some upward potential. Ripple has surpassed $0.01 in the past, and I wouldn’t be surprised if it happened again.
Litecoin, on the other hand, went through a rough patch this week. Down 9% this week, Litecoin’s brief stability at $1.8 is no more. While Litecoin is down, the price does seem to be holding at a new floor of around $1.65, and the trend may reverse soon.
Vertcoin, a coin that made an incredible comeback last week, is still hanging in there. While up 32% this week, it fell from its peak at number 20 on CMC at a price of 0.0008 BTC to 0.0005 BTC, an overall 37.5% decrease.
Where do you see Bitcoin headed for this week? Will price continue to show signs of slippage? Let us know in the comments below!
This author’s views do not necessarily reflect those of Bitcoinist.net.