Written by Mark Mage.
Major Alt coins have have been posting solid, sometimes even dramatic, gains across the board during this last week of CX trading (Crypto exchange trading, as opposed to “foreign exchange” or FX trading).
This development comes on the back of a failed attempt by Wall Street big banks, the World Economic Forum, along with the mainstream media and their limited understanding of peer-to-peer and Crypto in general to first claim that Bitcoin had “failed” and, when that did not work, that Blockchain functionality was “useless”. Despite (or because of) those desperate attempts to fight the uncontrollable Crypto coin phenomenon by way of psychological warfare, the price of Bitcoin and other Crypto coins that initially took a brief hit has soon recovered.
In the case of Alt coins, prices have even been massively increasing and — as a result — look a lot more promising now than they have over a prolonged period of time.
Starting with extraordinary price gains in EAC (Earthcoin) ten days ago that saw the price of earthcoins come up from just 16 satoshis (BTC .00000016) to over their previous all-time high of 29 satoshis, Earthcoin is currently posting trades in the mid-eighties on BTC-38.
Even more than that, popular Dogecoin has literally exploded to 139 satoshis (BTC .00000139), up from the 45 satoshis to 48 satoshis area in less than 48 hours on high trading volume. As of this writing, the latest DOGE price is 117 satoshis (BTC .00000117) on Bleutrade.
Other popular Alt coins like LTC (Litecoin), NMC (Namecoin), or PPC (Peercoin) have also significantly increased in price during the first part of the week with litecoins at 839,000 satoshis (BTC .00839000), namecoins at 112,000 satoshis (BTC .00112000), and peercoins at 120,000 satoshis (BTC .00120000), all of them up between 2% and 5.8% in just the last 24 hours.
These price increases come on the back of continuing dramatic losses on Chinese stock exchanges (Shanghai down another 11% yesterday) and increasingly bleak economic news out of China in general (a higher-than $1 trillion drain of capital out of China has been reported just on Monday). Whether or not these are fundamentals that are affecting Crypto coins as “alternative investments” for Chinese traders is not yet clear, but might turn out to be at least one driver behind latest price action.
The Alt coin price increases might also be attributed to technical factors or the overall price increase in Bitcoin seen over the last few months. We will keep watching upcoming movements in order to continue and analyse Crypto coin prices and keep CX traders informed.