It’s been a volatile week for cryptocurrencies. Bitcoin first crashed below the $400 handle, hitting a low of $349 dollars on Saturday. This prompted both Peercoin and Namecoin to reverse their rallies and head lower. But in the next few days a sharp retracement started, bringing BTC/USD back above the $400 round level. We are currently quoted at $416 dollars per coin. The knock-on effect on PPC and NMC saw their losses reversed as well, whipsawing trend-following traders again.
Peercoin Reverses Trend on Bitcoin
As noted above, prompted by Bitcoin, Peercoin reversed its uptrend and headed lower. We mentioned that this was a possibility in our previous PPC article. The surge higher in prices wasn’t broad-based and the two major cryptocurrencies Bitcoin and Litecoin were flat during that rally.
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