Over the past seven days, eight of the top ten altcoins have decreased in price. Six of these, including the…
Litecoin investors may have thought the recent revelation of a security vulnerability within the Ripple protocol would have enabled Litecoin to reclaim the second spot on the market cap charts. However, the litecoin price has been in decline as well, falling 11% in the past week.
After peaking at 1,149,303 satoshis, the litecoin price fell steadily over the course of the week. At press time, the litecoin price was 1,007,123 satoshis.
Litecoin is not alone in its plight. Altcoins across the board have experienced recent price declines. In fact, over the past week, eight of the top ten altcoins have seen their bitcoin exchange rates fall.
The BitSharesX price bore the brunt of the damage, declining 18.5% to 7,169 satoshis. But it was not the only coin besides litecoin to experience a price decline greater than 10%. The Dogecoin price fell 17% to 75 satoshis, the Ripple price fell 10% to 1,255 satoshis, the Nxt price fell 15% to 6,361 satoshis, and the Darkcoin price fell about 14% to 601,462 satoshis. MaidSafeCoin just missed the 10% threshold, falling 9% to 5,353 satoshis.
In fact, only two of the top ten altcoins experienced price increases. The Peercoin price rose almost 6% to 276,116 satoshis, and the Counterparty price--still riding the Overstock hype--increased by 44% to 899,925 satoshis. Shrewd investors should view this as an opportunity to pick up a variety of altcoins at discount prices.
Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
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Last modified (UTC): October 14, 2014 8:19 AM