Weekly Altcoin Price Review: The Triumph of Dogecoin in January
Dogecoin was the sensation of January. Litecoin this week feels quite sure, DASH has strong positions, ETH faces a remarkable volatility, while Peercoin stays strong.
Litecoin this week feels quite sure. Having fixed its price higher than 0.08, the exchange rate of LTC:BTC isn't going to fall yet. However, only because of falling Bitcoin prices, Litecoin decreased almost to $3.
At the beginning of the week, Litecoin’s price was slightly above where it is now, approximately at $3.15. The local top of $3.300 turned into a deep collapse and after falling on a course to $3, Litecoin’s price did recover a bit.
Now, Litecoin’s price sits at about $3.10, and next week it will be at $3 and below. Purchases of Litecoin lower than $3 are of interest, especially from a long term perspective.
DASH has had a strong position and is one of the leaders in trading volume on Poloniex exchange. This cryptocurrency had almost no reaction to the fall of Bitcoin’s price.
This week, DASH was in the corridor between 0.01 and 0.011, with a peak of 0.012. It would be logical to expect the same dynamics next week too.
ETH this week faced a remarkable volatility. The week began at the level of about 0.005. It then had growth practically without pause, with a local top of 0.0074. It then dived to 0.048, made another start and again reached the level of 0.007. Attempts to reach new tops continue, but efforts weaken and each new top becomes lower than the previous.
The next week will become a week of price correction. Both smooth recession, and uncontrollable falling of the superheated market of ETH are possible.
Dogecoin became the sensation of January 2016, having risen in price for this week more than two times. Trading volumes are huge, and some days, Dogecoin stayed at first place on trading volumes on Poloniex. Other exchanges of cryptocurrencies too didn't lag behind. The volume of trade of Dogecoin only on Poloniex exceeded one million USD a day! Not bad for the cryptocurrency which was thought to be just a joke!
In the beginning of the week, Dogecoin was growing steadily. It passed the levels 40 and 50 of Satoshi quickly. In next three days, it achieved a new top of 137 Satoshi and it was an hour of triumph for Dogecoin.
Now the cryptocurrency’s price is about 80 Satoshi. Next week, we can wait for a correction, at least, to 60 Satoshi. Perhaps, the price will return back to 40-50 Satoshi. So Cinderella will return from the ball, and the fairy tale will come to the end.
This week, Peercoin had very good positions too. Having fixed higher than $0.40, the price then reached $0.48. From these tops, however, Peercoin fell following the fall of Bitcoin.
Nevertheless, PPC:BTC exchange rates remain higher than 0.001. Further falling of Bitcoin will give the chance to buy Peercoin lower than $0.40. If Bitcoin trades remains in a flat, conservative trend, Peercoin won't give us the chance to make good transactions. Growth next week, therefore, is improbable.