Market Summary: The $400 Barrier
While Bitcoin briefly did break the magical $400 barrier a couple weeks ago, it has now receded to the $380-$390, experiencing a lot of sideways movement between the two. In an attempt to keep current however (graphs do not reflect this) the price of Bitcoin has fallen down to the $360-$370 range, just showing how the price of Bitcoin can change to a day to day basis.
Bitcoins volume is slowly decreasing, and price is staying relatively stable. If we refer to history of Bitcoin, my gut feeling is Bitcoin will experience more sideways movement for a long time, with a slightly downward trend.
Moving on to altcoins, Ripple is still the number two cryptocurrency when comparing by market capitalization, and Litecoin is still number three.
When looking at the total market change over the last week, Ripple is positive with a net 5% increase, while Litecoin is still negative. The gap between the two cryptocurrencies is widening, further solidifying Ripples position.
An Altcoin that has received a lot of buzz and market movement is Umbrella Holdings. Umbrella Holdings comes in two variants currently, umbrella-btc and umbrella-ltc. The respective coins are designed to insure their designated cryptocurrencys against loss and to be a hedge for these coins. An interesting coin, it uses auxPOW not for securing its own network, but rather making a “basket” to insure the coin.
Regardless of what it’s trying to do, the market is favoring this coin, with a 350% increase in price over just this week alone.
Definitely a coin I would watch, expect an interview from Umbrella soon, here on Bitcoinist.
Market is definitely not stable, nowhere near that. But if you play your cards right, it is definitely feasible (and profitable) to ride the waves. Don’t invest more than you can afford to lose, you may end up losing it all. Cryptocurrency is still a young sector, but those who tread through it can reap the rewards.
Photo Sources: Bitcoin Graph and Coinmarketcap