BTC surpassed its all time high, reaching a milestone US$1000 per Bitcoin on Mtgox earlier today. As BTC's prices slowly inch up after the mini-crash after the Senate Hearing, we have seen a large spillover of funds pouring into alternate cryptocurrencies. Over the last 2 days alone, the prices of alt coins such as PeerCoin (PPC), NameCoin (NMC), PrimeCoin (XPM), and FeatherCoin (FTC), have at least doubled in value, some up to 500%.
Most notable is Litecoin, dubbed as silver to Bitcoin's gold, which price recently surged and increased almost 10 fold in the last 10 days since it passed the $4 mark. Since the last 60 hours, Litecoin has more than tripled from $10 per LTC to its current price of US$35/LTC! Not exactly sure what's behind this surge in prices, especially in LTC, but maybe Max Keiser's Interim target of $50 for LTC played a part.
Source: http://www.coindesk.com/litecoin-silver-bitcoins-gold/
Source: http://www.businessinsider.com/litecoin-price-2013-11
Source: http://www.forbes.com/sites/reuvencohen/2013/11/27/the-top-30-crypto-currency-market-capitalizations-in-one-place/
Source: http://www.tradethenewsroom.com/bitcoin-breaks-1000-litecoin-sees-400-gain-4092
Source: http://www.reddit.com/r/litecoin/comments/1qvxcu/max_keiser_has_started_covering_ltc_on_his/
But this insane surge has got me thinking, is a huge crash in the making?
If we look back at the April crash, and compare it with the current litecoin chart, we can see some similarities. See below for a comparison.
From my understanding of the markets thus far, I am assuming that every big spike in price has to be followed by a big correction. The higher you jump, the harder you fall. And let's say that Litecoin prices are kind of mimicking Bitcoin prices (as it was back in April 2013), albiet at a much faster pace, we can assume that this crash is coming. And it's coming very soon.
But when will that happen? Where will the peak be? Will LTC prices peak at $50, $80, $100, or $200 before it takes an 80% nosedive? I can't tell for certain what price LTC will peak at before crashing, but what is your guess?
If you're holding Litecoins or thinking of buying them, read these 2 reddit discussions before doing so!
Source: http://www.reddit.com/r/litecoin/comments/1rivqr/im_going_to_go_out_on_a_limb_here_and_say/
Source: http://www.reddit.com/r/Bitcoin/comments/1rjv6l/my_response_to_a_litecoin_advocate/
Source: http://bitcoinwisdom.com/markets/btce/ltcusd
Source: https://btc-e.com/exchange/ltc_btc
Source: http://coinmarketcap.com/
Well my plan for the next few days is to convert some of my LTC back into BTC. I think BTC prices will hold rather stable even when LTC flash crashes, and thus would rather sell my LTC into BTC than hold onto useless FIAT dollars. I currently have about 80% of my funds in LTC, and have placed sell positions for half of my Litecoins, ranging from 0.055 LTC/BTC all the way up to 0.15. And will be looking to re-enter into litecoin at the bottom of the crash, if the crash comes.
Crash or no crash; all the best for your trading everyone!
So, what's your move going to be in the case of a Litecoin crash?
Most notable is Litecoin, dubbed as silver to Bitcoin's gold, which price recently surged and increased almost 10 fold in the last 10 days since it passed the $4 mark. Since the last 60 hours, Litecoin has more than tripled from $10 per LTC to its current price of US$35/LTC! Not exactly sure what's behind this surge in prices, especially in LTC, but maybe Max Keiser's Interim target of $50 for LTC played a part.
We are initiated coverage of litecoin with an interim target of $50. Newest @KeiserReport features one of the biggest players in LC
— Max Keiser (@maxkeiser) November 18, 2013 Source: http://www.coindesk.com/litecoin-silver-bitcoins-gold/
Source: http://www.businessinsider.com/litecoin-price-2013-11
Source: http://www.forbes.com/sites/reuvencohen/2013/11/27/the-top-30-crypto-currency-market-capitalizations-in-one-place/
Source: http://www.tradethenewsroom.com/bitcoin-breaks-1000-litecoin-sees-400-gain-4092
Source: http://www.reddit.com/r/litecoin/comments/1qvxcu/max_keiser_has_started_covering_ltc_on_his/
But this insane surge has got me thinking, is a huge crash in the making?
If we look back at the April crash, and compare it with the current litecoin chart, we can see some similarities. See below for a comparison.
From my understanding of the markets thus far, I am assuming that every big spike in price has to be followed by a big correction. The higher you jump, the harder you fall. And let's say that Litecoin prices are kind of mimicking Bitcoin prices (as it was back in April 2013), albiet at a much faster pace, we can assume that this crash is coming. And it's coming very soon.
But when will that happen? Where will the peak be? Will LTC prices peak at $50, $80, $100, or $200 before it takes an 80% nosedive? I can't tell for certain what price LTC will peak at before crashing, but what is your guess?
If you're holding Litecoins or thinking of buying them, read these 2 reddit discussions before doing so!
Source: http://www.reddit.com/r/litecoin/comments/1rivqr/im_going_to_go_out_on_a_limb_here_and_say/
Source: http://www.reddit.com/r/Bitcoin/comments/1rjv6l/my_response_to_a_litecoin_advocate/
Source: http://bitcoinwisdom.com/markets/btce/ltcusd
Source: https://btc-e.com/exchange/ltc_btc
Source: http://coinmarketcap.com/
Well my plan for the next few days is to convert some of my LTC back into BTC. I think BTC prices will hold rather stable even when LTC flash crashes, and thus would rather sell my LTC into BTC than hold onto useless FIAT dollars. I currently have about 80% of my funds in LTC, and have placed sell positions for half of my Litecoins, ranging from 0.055 LTC/BTC all the way up to 0.15. And will be looking to re-enter into litecoin at the bottom of the crash, if the crash comes.
Crash or no crash; all the best for your trading everyone!
So, what's your move going to be in the case of a Litecoin crash?
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