Since the last market wrap up, price in Bitcoin has finally hit bottom and the trend has reversed. The defining moment that turned the price around was earlier this week when price hit bottom at $222. Since then, price has increased at a steady pace totaling to a net gain of 4.5% over the last seven days. If current trends hold, I’d expect Bitcoin to be either approaching or however just above $240 this time next week.
Also Read: Last Week’s Market Wrap Up
The growth Bitcoin achieved this week seems to be organic; if it were artificial growth would have been much more rapid.
This growth, coupled with lower volume (below $13 million at press time), suggests little market manipulation, and that transactions were buy-order dominant. Current growth rates are sustainable and if they hold into the coming week, Bitcoin’s price will approach $240 or above.
Altcoin Market Analysis
Vertcoin, which markets itself as “Bitcoin Upgraded,” has dominated the altcoin trading scene for the last couple of weeks. Volume has exploded, reaching a peak near $500,000 earlier this week.
But what comes up must come down, and after a 3700% gain, it’s time for Vertcoin to settle back down. While Vertcoin is still holding over $200,000 in 24 H volume, Vertcoin is also down 6.6%.
Most of the volume is coming from Jubi, a Chinese market (which are known to have the majority of the whales), so we may see some more market manipulation before they lose interest in Vertcoin. Only time will tell where Vertcoin will go after the artificial market movement dies down.
It seems that the attention Vertcoin is losing is all getting transferred over to Primecoin, which is up 220% this week.
With the two leading markets for Primecoin both being Chinese-based, paired with the fact there was such explosive growth in both price and volume over the last 7 days, market manipulation based on insider information is a strong contender for why Primecoin is moving the way it is.
With the latest submission on Primecoin’s subreddit being a month old, and with its Twitter lacking substantial news updates, it seems that buyers are accumulating Primecoin for something big in the next couple of weeks, or are just looking to make a quick buck from the standard pump and dump scheme.
Where do you see Bitcoin next week? Will Vertcoin continue to drop? What do you predict regarding Primecoin? Let us know in the comments below!
This author’s views do not necessarily reflect those of Bitcoinist.net.
Originally posted on: Bitcoin Market Wrap Up 6/7 – 6/14: BTC reverses trend, VTC Goes Down, XPM in its Prime