Another ugly day for crypto markets: Litecoin, alts plunge to new lows, Darkcoin down by 21%

It’s been another ugly 24h for crypto markets as Bitcoin knocks on new lows and alts resumed their plunge. Bitcoin

It’s been another ugly 24h for crypto markets as Bitcoin knocks on new lows and alts resumed their plunge.

Bitcoin is once again flirting with the $480 mark on BTC-e, its lowest level in months. And while some solid support has begun to form around this mark, the downward momentum is strong enough at this point to breach this previously untested level.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Litecoin is getting dumped again and fell below $4 to $3.93, a new low since prior to its November run-up. It is again one of the hardest hit, perhaps reinforcement of a market sentiment no longer attributing greater total value to Litecoin than its peers, thereby sending their values toward convergence.

It has also continued its recent trend of sharp, concentrated declines following 24-48h of flat respite. LTC/BTC tanked as well, hitting a new low of 0.0082.

Suggested articles

Going Past the Great Wall: Things to Consider When Entering the Asian MarketGo to article >>

Today’s biggest loser amongst the top alts is Darkcoin, which shed 21%. It now trades for the equivalent of $2.13, and has lost nearly 90% from its May-June peaks near $16. It has dropped below Dogeocoin to 8th spot in market cap, 5th among mineable currencies. Its total valuation is now $9.7 million.

DRKBTC- Aug 18

Now trading at 0.0044 BTC, its next point of support is around 0.0035 BTC, a reliable level during the first leg of its April-May rally.

Peercoin and Namecoin are both down well over 10%.

The “2nd generation currencies”, used for decentralized exchange, have been the least affected. Ripple and Bitshares are down by 2.5%, while Nxt is actually higher as is continues to recover from its recent theft on BTER.

Got a news tip? Let Us Know