Market Analysis: Looking Down
Things don’t usually stay stable for long, especially when it comes to the market and prices of cryptocurrency. Bitcoin for example saw a minor depression due to erratic trading bot activity on BTC-E. This has brought down the price between the $470-$480 ranges, $20 from the “normal” of $500.
On top of this there is news of Satoshi’s p2p account getting hacked, which is sure to cause some fear. On the flip side, Paypal and Bitcoin could become a reality sooner than most people expect with the partnership of Braintree.
Most coins are down as well, with Bitshares X being the only exception in fact up by 20% as of 9/8/2014. Other coins that seem to be doing quite well right now too is Cloakcoin (up by 16.17%) and Storj Coin X (up by 12.73%) and CAPTCoin (up by 12.68%). They all seem to be doing fairly well within 24 hours, as well as the 7 day marketcap, showing steady gains which is always a welcoming sign.
Darkcoin is a coin I admire, hardily staying above $2.50; a solid floor indeed. Mastercoin isn’t fairing so well, currently at $3.25 with a downtrend that shows no sign of stopping. Stealthcoin excellent market movement it has been enjoying as finally cooled off, a minor correction it seems, down nearly 21% but still several notches higher than where it was a week or two back in market cap.
Litecoin is happy as clams above $5 still, currently at $5.03. Many people expect Litecoin to fall, and numbers don’t lie. Litecoin has been slowly falling in market cap, but is still number two. Ripple isn’t far ahead, with their only being a $35 million dollar gap between number two and number three. To put that in perspective, each ripple would have to increase in value by approximately 18%, to match Litecoins marketcap. With Ripple becoming more prominent, this could be potentially probable situation and puts Litecoin in a sticky one.
After that the gap widens, with Bit Share X in fourth place, with a market cap of around $80 million, making the gap between 3rd and 4th around $55 million. While it’s much harder to get from 4th to 3rd, it also could be a possible outcome, with the way BitSharesX has been moving in the market.
As it seems every week cryptocurrency is down, it’s a good week to buy. While most people are arguably panic selling, the smart trader would potentially wait, I think a good entry point for Bitcoin is right now, and if you can wait, $450. If Litecoin breaks under $5, it may become a good purchase as well. Darkcoin for me; anything below $3 is a good purchase. I don’t believe we have bottomed out yet, but once we do, the only wait is up from there.
Photo Source One: BitcoinWisdom
Photo Source Two: BraveNewCoin