Market Summary: 1/4 – 1/11
With the second week of the New Year now behind us, Bitcoin is slowly but surely stabilizing. With CES coming to a close, as well as the Bitcoin booths that were there, more and more people are becoming aware of the online currency has grown to a tight-knit group of people hoping for its success across the globe.
This week’s market summary will break down this weekend, to show how especially unstable Bitcoins price was, and how different the outlook on Bitcoin can be in the matter of 24 hours.
Since last week’s crash, Bitcoin has stabilized to a price of $285.42, according to CMC at time of writing. Since it hits rock bottom, we are slowly crawling back up, and I would not be surprised if we saw the $290 mark around next week.
The following day, Bitcoin has fallen back down 4%, to a current price of $274.32 (as of 1/10/15), and Litecoin is down below $2 mark, to $1.64. Litecoin is under the $60 million coin market capitalization mark.
However, to end the week, Bitcoin is at a price of $266.44, which is an additional 3.5% down from the day before, ending this week with on a downfall. Luckily, over the last seven days Bitcoin has only gone down 0.30%, so most of these swings are just volatility. Paycoin and even Litecoin are suffering, with Paycoin down 13.58% in the last 24 hours and 31% in this week.
Other coins are not faring as well unfortunately. On the bright side, however, most of them are not declining in value anymore and if they are it is very little that they are decreasing. Litecoin is under two dollars, and PayCoin is hanging in there at spot number four right behind Litecoin.
Litecoin and Paycoin
Litecoin, on the other hand, still hasn’t broken through the safety that the $2 barrier brings. It is taken the hardest hit out of all of the major cryptocurrencies, with Litecoin going down over 30% in the last seven days.
Paycoin is a far away in price from the plans for fulfilling the promised “$20 floor” GAW was said to incorporate. For a little while, Paycoin did trade above $20 but has now fallen to less than a fifth of that.
All in all, I think Bitcoins the future is bright for 2015. Even with what is going on with Bitstamp and other breaking news right now, Bitcoin as a community learns from every mistake it makes, to apply to the next one that will happen. Because of this Bitcoin, makes fewer mistakes and these mistakes occur less frequently as well.
What will this year do for Bitcoin? Will the New Year make or break Bitcoin? Sound off in the comments below.