Daily Altcoin Price Analysis: Cryptocurrencies Keep their Eyes on Bitcoin
Daily Altcoin price analysis by Frederic Racine on December 7, 2015.
Litecoin price remains at the level of $3.5, and the following impulse for the movement is going to the level of $3.2 again. However, considering the continuous growth of Bitcoin we can’t be sure of it completely. But while Bitcoin is in the stage of correction, Litecoin usually moves down. Thus, the LTC/BTC pair exchange rate doesn't add much optimism for buyers. Litecoin will grow only if it breaks through the line of 0.09 or higher and then return to 0.01. Meanwhile while Bitcoin price grows – the LTC/BTC pair is falling, and when Bitcoin is falling – LTC/BTC remains on the reached positions. It is difficult for Litecoin in such conditions to achieve new heights.
DASH couldn’t hold its position of 0.06 and goes to 0.05. The exchange rate of this digital currency is weakened by a continuous growth of Bitcoin. At the same time, it is difficult to find another more perspective cryptocurrency today. If the development plan of Dash Evolution is implemented in time (12-18 months), we will see it as the most functional and convenient means of payment.
Dogecoin is at the level of 30-32 Satoshi, while the trade volumes and traders interest are decreasing. It can remain on the same level for a week or so because actually there are no reasons neither for a turn back, nor for sure continuation of a downtrend.
ETH price goes down practically without delays or stops, having handed over its positions for more than 5% in a day. The bottom of the price is not far off, and level of 0.002 where we are now, will hardly become the last. The fast exit of homestead, all new online and program wallets, the Top 10 Most Disruptive Technologies of 2015 — none of this news inspire buyers.
The uptrend at Peercoin has broken and this digital currency returned to its habitual level of $0.40 again. Thus psychologically important level of PPC/BTC pair of 0.001 is already reached. On 0.001 and above traditionally, there are large volumes of buy orders but what will happen if this level is passed? In this case, the disappointment of Peercoin supporters and gradual loss of the price are possible. Now while we see Bitcoin price corrections we can see the Peercoin price going lower.