Market Summary: Declines for Everyone
Yet again, Bitcoin and cryptocurrencies as a whole are on the decline.
While this is a 2 month chart, the outlook has been a steady decline with spikes of volume (particularly around October 5th as shown in the chart). To the current average of $347.25 according to CMC at time of writing. This was after a brief dip to the $330 range, but for now Bitcoin seems to be going on a positive market trend. Below is a more recent screenshot of today’s market movement shown in a graph by CMC.
Of course with Bitcoin being the most prominent cryptocurrency, most other coins are affected indirectly, some taking it harder than other coins.
For example, if we take a look at Darkcoin, which is currently number 9 on CMC listings.
If you see the price, it has finally broken the $2 barrier, and has entered the mid-$1 range. It’s bouncing back which is shown in the healthy volume of $100,000 as well as the increase of price at 8.47%.
Ripple for another consecutive week has kept strong its position as the number two cryptocurrency, while Litecoin is now in number three for sure.
With the market capitalization gap around $15 million, anything that makes a moderate change of price can swing it in either coin’s favor. But for now, Litecoin stays under $4 and Ripple under half a cent.
Litecoin may see a surge back of price due to Umbrella-LTC, which insures against losses in exchanges. This may assure investors and entice them to venture back into Litecoin.
When looking at the next 4 coins in listing, the decreasing trend has taken hit with even high volume and prominent coins, which just shows how the market for cryptocurrency is overall.
I guess what you should take away from all of this is that the cryptocurrency markets right now are just still too volatile for the average joe. Bitcoin needs to be more widespread, with much more volume. But for now, many people classify Bitcoin as a high risk, high reward tool.
Photo Sources: CMC and Bitcoin Graphs