Well, until the South Korean government makes a concerted effort and statement regarding their view of cryptocurrencies, except continued pressure on the market. Contrasting opinions continue to come out of a country that had until now proven to be a reliable bull. It appears now though that the Koreans are taking a reasonable approach and are only looking to stop anonymous trading.
Bitcoin: Awaiting a Surge ($12 500, -6%)
The coin that started it all continued its slide this week, largely on continued worries about South Korea. The fact that the coin is also increasingly losing its role as a transactable good could also be hindering a rapid recovery. However, the bulls were still buying the dips and forming a solid line of support around the $10 000 USD marker, with very minor profit taking shaving the tops.
Failure to reverse last week could mean the token slide again, but expect it to end the week around $13 000 USD.
Ethereum: Relative Stability ($1 050,-21%)
Ethereum was pulled down by Korea as well this week, but was heavily bought up anytime the price dipped below $1 000 USD. However, there is little reason to believe that ETH can breach $1 500 USD anytime soon barring any major developments. Expect the token to remain in the $1 000 to $1 300 USD range for the next week or so at least.
Again, Mr. Buterin took to Twitter for a little experiment. He polled users on what levels of effectiveness they expected from blockchain as a whole, coupled with other logic experiments.
Litecoin: Still Relevant ($190 USD, -17%)
Litecoin was also impacted by the market wide pressure of South Korea and saw it’s price slide just over 17%. As is usually the case in this market bulls bought any major dips, and the token should not slide too far below the $200 USD range. Expect LTC to the $225 USD range over the next week or two.
Not interested in the Big Three? Check out our Weekly Watchlist, highlighting some options you may not have heard of.
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