Both Peercoin and Namecoin entered into bearish territory last week. Soon after big brother bitcoin broke the important $270 handle, the altcoins followed suit, with Peercoin breaking $0.465 and Namecoin going below 55 cents per coin.
Peercoin Enters Downtrend
Alternative cryptocurrency Peercoin entered a new downtrend on August 9th, after a decisive break below the $0.465 figure. We had some follow-through soon after, with prices bottoming out at $0.431 on August 11th, a loss of 7.3 percent. But since then PPC/USD bounced back somewhat, hitting a high of $0.484 the next day, only to resume the decline today. One coin is currently selling for exactly 44 cents.
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