Cryptocurrencies Wait for Cues From Bitcoin - 06/01/2015
The rout in cryptocurrencies continued after a slower holiday period. On January 3rd BTC/USD broke below the important $300 round figure, triggering losses across all altcoins. Litecoin fared the worst, losing over 28% compared to bitcoin’s 20 percent. At the same time Peercoin cleared the half-parity level at $0.50 and Namecoin got close to its half-parity level by hitting $0.55.
Bitcoin Breaks $300, Hits $266
Bitcoin’s break of $300 led to a loss of $40 dollars in two days. But the important $266 figure is managing to hold the onslaught of the bears, at least for now. Prices bottomed out at $260 on Sunday but we have been trading flat ever since, with neither the bulls nor the bears having the upper hand.
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