Bitcoin Market Wrap Week: 2/1/ – 2/8/15, NetCoin and DigiByte Trending Upward
Here is Bitcoinist’s Bitcoin Market Wrap. It is been a relatively quiet week for Bitcoin, market-wise. Bitcoin has only fluctuated a couple percentage points every day, with usually a net difference of 1-3% daily. If we take a look at more traditional investments, 1-3% of the variation is a lot, but for Bitcoin in its current state, that is pretty stable.
If we take a look at those same “traditional investments” they are down as well. For example, oil is under $2 per gallon in most states in the US, silver is under $17 an ounce, and gold is down $30 today, same with platinum.
With extremes being from the $210s on the low end, and the $240s on the high end, the price has mellowed out from the spikes of the first half of the week and is now hovering around the $225 range.
On a good note, Bitcoin is still up 5%, meaning we have retained some of the upward momentum from this week that may carry over to next week.
Litecoin, Ripple, and Dogecoin are showing similar patterns to an extent as well. All of the coins mentioned spiked earlier this week and hit (relatively) extreme highs and lows, then balanced out towards the end of the week. They are all holding an average of 3.84% increase, which means all three described currencies are finishing this week positive, retaining some of the metaphorical ground gained.
This week, when it comes to other coins, however, I am noticing that some of the “older” altcoins are increasing massively in prices, such as Netcoin and Digibyte. There has also been a trend in POS coins as well, such as Mintcoin and Sapience AIFX.
What do I mean? Take a look at these stats:
- Netcoin is up 173% this week, with a volume of over $20,000.
- Digibyte is up 120%, with a volume of over $10,000.
- Mintcoin has increased over double by 206% this week
- Sapience AIFX is looking to break into the top 100 barrier with nearly a 230% increase.
Both have larger percentage increases, but both are POS coins, which I think are starting to form trends. Whether this is just a short trend or long term preference is still unknown, but it’s something to take a look at.
Rimbit has also appeared on the top 100 cryptocurrencies, in number 14 position. Up 424%, but with a volume of $144 in the last 24 hours, I do not see too many people hopping into that coin to day trade.
Bitcoin looks to be moving sideways again, but has still not yet broken the long term trend of slipping in price. 2015 may be the buyers market for cryptocurrency, and may see a boom later this year or early next year if adoption rates continue.
What do you think of Bitcoin right now? Where do you think the market is headed? Let us know in the comments below!
Photo Sources: CMC, BitcoinCharts