The crypto rally hit a major bump in the road since our last update. Litecoin had a blowout top on July 10th, first rallying to a high of $8.67 before falling 60 percent to a low of 3.61. Namecoin fell 56% from its high at $1.30 and Peercoin declined by 46 percent before recovering somewhat. But let’s start with big brother first.
Bitcoin Falls on Greek Deal
Unlike the rest of the crypto market, bitcoin hit its bump on the road two days alter, on July 13th. While the altcoin market was going belly up, BTC/USD broke the important resistance at $270 dollars and surged to a high of $310.22 on July 12th. This put everyone’s favorite cryptocurrency within $8 dollars of its 2015 high. But soon after the highs were reached news broke that Greece reached a deal with its creditors. This caused a major BTC correction of $40 dollars as prices traded back down to the $270 dollars mark.
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