Crypto Narratives and the Bitcoin Anti-Narrative

Bitcoin Price Falls Hard as Rally Fizzles, Alts Follow Suit

by Leon Pick
    Bitcoin Price Falls Hard as Rally Fizzles, Alts Follow Suit
    Join our Crypto Telegram channel

    Yesterday's rise in Bitcoin (BTC/USD) prices was short-lived, with BTC/USD giving up nearly 10% from its peak near $241 on BTC-e.

    A drop of 3% during the past hour has brought prices back below $220, further dimming prospects of a resumption of last week's rally that saw prices shoot above $300.

    Capital investment in Bitcoin ventures has shown no sign of slowing, with investors pouring in over $100 million into the industry year-to-date. Yet, aside from last week's brief pop, prices have continued to struggle. The disparity reinforces a growing consensus that Bitcoin's future promise lies in its technology, and not necessarily in its value as a full-fledged currency.

    Volumes continue to be choppy, averaging 300-400 BTC/hour but shooting above 1,000 during the current drop.

    BTC-USD, Feb 4

    The trajectory of the current drop suggests that it is not yet over; it is likely that $215 will be broken during the next 24h.

    Litecoin and most other alts have followed bitcoin lower. Their bitcoin-denominated prices have remained largely stable, but their dollar-based valuations falling due to bitcoin's declining price.

    Litecoin has fallen to $1.75, but the LTC/BTC rate continues to show stability near 0.008.

    Prices on BTC-e are $3.50 (1.6%) lower than on its peers, an average offset.

    Yesterday's rise in Bitcoin (BTC/USD) prices was short-lived, with BTC/USD giving up nearly 10% from its peak near $241 on BTC-e.

    A drop of 3% during the past hour has brought prices back below $220, further dimming prospects of a resumption of last week's rally that saw prices shoot above $300.

    Capital investment in Bitcoin ventures has shown no sign of slowing, with investors pouring in over $100 million into the industry year-to-date. Yet, aside from last week's brief pop, prices have continued to struggle. The disparity reinforces a growing consensus that Bitcoin's future promise lies in its technology, and not necessarily in its value as a full-fledged currency.

    Volumes continue to be choppy, averaging 300-400 BTC/hour but shooting above 1,000 during the current drop.

    BTC-USD, Feb 4

    The trajectory of the current drop suggests that it is not yet over; it is likely that $215 will be broken during the next 24h.

    Litecoin and most other alts have followed bitcoin lower. Their bitcoin-denominated prices have remained largely stable, but their dollar-based valuations falling due to bitcoin's declining price.

    Litecoin has fallen to $1.75, but the LTC/BTC rate continues to show stability near 0.008.

    Prices on BTC-e are $3.50 (1.6%) lower than on its peers, an average offset.

    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}