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Bitcoin Price Plunges to $3,600 as the Declining Train takes Over

Bitcoin Price after its long recovery from the major crash on Sep 15, had met quite the struggle to close successfully above $4,000, resulting on Thursday afternoon (UTC) stepping down to $3,639 with 6% loss in only two hours.

According to information from Bitfinex – Bitcoin token price against the US Dollar at the start of the day Sep 21 was just below the major $4000 mark as it hovered on a hourly understanding for some time around $3,900. At around 16:30 UTC the pair did drop from $3,711 to $3,639.

bitcoin prediction

For the moment it is trading at $3,731.66 with a negative loss of -6.73% in the last 24-hours while in a weekly period it is over 9.25% increase and in the green zone.

Exchanges that pair BTC with USD are counting the majority of trading volume lately with around 40% in the last 24-hours.

bitcoin trading prediction price

For the time being news are hitting the market and prices quite in masses, as China exchanges are about to be terminated with only two major ones left until end of October. That is followed with rumors and words flying around that the same fate will come for Chinese Mining platforms and pools. On the other hand many commentators about the recent regulative development added that the regulation could turn out as positive for the community with China not being able to manipulate the market anymore.

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Litecoin Price development: LTC/USD Declining now but Future is Looking Promising – Litecoin Prediction

September 5 had a bad start for Litecoin price against the US Dollar as it tested the supports around the $60, letting the value drop to $59.05 for a moment and returning up again while correcting.

That is approx 36% loss in almost 2 days in price while the market cap dropped for $1.7 billion since the all time high $91.32: from $4.8 bln to $3.1 bln – According to Coinmarketcap. The $59 mark has not be touched since the Aug 27 which is more than a week now.

ltc price prediction

Source: Coinmarketcap

For the moment a minor recovery is up ahead as it reached now $65.21 of price but with a loss of 6.00% in the last 24-hours. In near-term the declining channel and correcting flow could be continuing so do not book any profit for the moment or partly do until buying pressure returns to change the pair price pattern LTC/USD. After breaking below the $60 mark it could very likely continue towards the $50 level where important supports will be tested.

Source: Coinmarketcap

For the moment this could turn down any optimistic feeling or thought because of the Monday and Tuesday price massacre, but this general market declining phase should be acknowledged by trader/investors which followed the significant market rocketing of prices one after another for a couple of weeks now.

With Asian exchanges like Bithumb breaking daily trading records and cryptocurrencies reaching all-time highs every day, it is of understanding what goes fast up in value will roll down swiftly too. Only Bitcoin reaching the $5,000 mark, triggered a $13 billion market sell-off in a couple of hours that has caused all other virtual coins to be dragged with it.

Litecoin – it did cement its position quite well on the top-ten of digital currencies which did hold strong longer than the other leading coins until the declining phase grabbed “the Silver Coin” too.

For any long-term investor – hopes should not be lost. As we have witnessed how much market changing a network improvement could be with Bitcoin and the Segregated Witness locking-in and activation, this could be happening to Litecoin in the future too.

With both crypto-coins BTC and LTC having SegWit activated (remember – Litecoin was the first to adapt the Segwit Protocol on its Blockchain network) Lightning Network is made possible, possibly encouraging greatly the trading and investing which will be becoming much easier and cheaper in any way – “cross-chain swaps”. Exchanging directly BTC and LTC without a third trusted party is of great importance and makes the user feel at ease as it is directly done.

Not forgetting that the particular concept will be connecting much close Litecoin with the leader in the crypto-pack Bitcoin which has a market cap of $70 billion right now.

Charlie Lee (LTC creator) comments:

“Bitcoin will always be the gold standard because bitcoin will have the strongest network, the most secure, the most money mining it. Litecoin will be second to that and bitcoin being the most secure will obviously cost more … Litecoin transaction will cost less. So Litecoin will provide a niche where it will be more used for payment whereas bitcoin will be more used for storing.”

“My vision is that with Lightning network … you wouldn’t need to hold all these coins, you could just hold all your money in bitcoin or litecoin, and if there is an application that requires ether or some other token, you can easily … convert it on the fly to the token that you need,” Lee said.


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