The first two weekends for crypto markets in 2015 have been rough ones. After tumbling to well below $300 one week ago, they have surrendered nearly all of last week’s hard-earned gains.
Bitcoin (BTC/USD) fell as low as $267 on BTC-e, now trading at $272. Peaking at $292 around the time of Bitstamp’s resumption of trading, it fell sharply by over 8% to challenge recent 14-month lows.
But BTC’s woes pale in comparison to Litecoin’s (LTC/USD). LTC plummeted by 20% to $1.61 on BTC-e within a two-hour span, its lowest point since October 23, 2013. It has since recovered back to $1.87, which is still below its previous 2015 low of $1.90.
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In outpacing BTC’s decline on such a scale, the LTC/BTC rate plummeted as low as 0.006, currently trading at 0.0065.
Most other coins are slightly in the red in dollar terms; some are on par or even positive in bitcoin terms.
Bitcoin 2.0 currencies, like last week, have not escaped the downward pressure. Ripple’s XRP is off by more than 5% and has broken below the $600 million mark in market cap, challenging last week’s lows.
Bitcoin prices on BTC-e are about $4 (1.4%) off from those on its peers, which include Bitstamp, whose prices have converged with those in the broader market since resuming trading.