The last two weeks have shown over 30% increases, with Litecoin doubling in less than 10 days, from 2.45 to a high of 7.50. Bitcoin didn’t pop the $300USD a coin, but buyers are driving things up as more tenders enter the market.
The Altcoins are sucking up any gains on Bitcoin, acting as a deflationary measure to reduce the sheer buying spree that has been going on. From daily volume of around 12 Million to 20 Million per day, up to earlier weekly highs of 100 Million USD according to some recent charts:
Coinbase has been making gains as a more popular exchange, while Bitfinex is still the champ with the most volume.
While the allure to gamble and buy and trade altcoins and bitcoins is a bacherlor’s dream come true, the risks are enormous, even after many players get eliminated, or go bankrupt in the race to the greatest and most secure coins. The trend has been very rough, with an early mining spree, in which a group of core developers were able to manufacture both the coins and the technology, which in retrospect, may have had something to do with the great economic recession that we got blasted into in 2008. Everyone is hoping that this new technology will be able to restore the global financial crash that ruined everyone’s lives. People are going into new levels of excitement and freaking out about these coins, which is probably the closest thing to being a “global currency” or “world currency” that resides in the form of intellectual property. This makes is very astounding to analysts who have never seen an open market system created from technology quite fascinating, since technically the market, which is driven by supply and demand, would be under a much greater degree of influence given the size of the global market.
Is the price of coin going to rise? I’m betting that these coins are going to continue to fluctuate, and as hard as it is to run the metrics on the next hottest coin; there are some top picks that may be able to tow the load.
Top Altcoin: LITECOIN
Shortcode LTC. It’s basically the first coin that was paired against Bitcoin.
Bitcoin operates on a ASIC Grid. Altcoin operates on Scrypt Hashing. Anyone can contribute to the network by feeding processor power back to the mainframe, which has to solve huge game problems, or large puzzles, or complex problems on the Blockchain.info which is the main public ledger that anyone can get a wallet from.
People are buying these coins up in the last week, which has given the price boost from around a stable 2-week trading zone in the 230s, to the current price of just above $300 USD.
CAUTION: Even with the fluctuations, the risks are much to high for any large investments simply because the competition on the networks, and losses are extreme. Many people are bummed out about companies taking their money and running, or about having their funds disappear on them, or stolen, or hacked, and only the hardiest investors that have a sense of karma stay in long enough after getting beat so much, since it seems like the problems of the blockchain.info, can also create problems in your life.
These can be as simple as a construction zone, waiting in line, or having to pay a power bill, and exposes the weaknesses of the investors, who try and struggle to stay abreast of the markets. Many analysts still think that the way these things work is straight off of computers who can dictate the outcomes of the trade at the end of the day, and if you solve lots of problems in the day to day life, then maybe the price of the coin will rise. This sort of mentality has been found in spiritual cultures like South America and Africa where shamans and new coin enthusiasts are hailing the new global currency as a saviour to their problems by helping them overcome the many problems caused by the financial crisis.
Point in Case: Greece. Greece just refused a bailout from the IMF: which some greek analysts consider as less beneficial than some of the other options that have been presented, and is forcing the EU to address the matter, and making an issue about it, saying that they will actually take a stance that adopts the virtual currency to regenerate the drachma, since the corruption was too great for the majority to maintain any leverage against the failing markets, thus the big issues of all the lawyers and retrobution payments, which everyone is hoping will be used to bless everyone so they are no so poor, and can afford to eat and live.
The whole thing is like a giant cat fight, and Greece is on the front lines with their bankers starting to purchase.While many governments have likely been purchasing these coins privately for some time, Greece has openly embraced the coins to help restore their economic losses.