Bitcoin Up 7% After A Tumultuous Weekend, While Litecoin Becomes Dark Web Favorite

The subtleties of the market make Bitcoin and Litecoin a current winner

5Apr

Going into this past weekend, Bitcoin dropped to $6,630, the lowest it's been in 50 days. Meanwhile, Dark Web favorite Monero lost favor due to privacy concerns, allowing Litecoin to emerge.

As we move into the next quarter, what will the closing weekend's developments mean for these two cryptocurrencies moving forward?

Bitcoin Shines Through The Weekend

Just as investment journalists began to indicate that Bitcoin's drop meant that cryptocurrency as a whole could be nearing its bottom, the coin shot back up 7% in just 24 hours.

So what does this mean for Bitcoin and cryptocurrency as a whole?

According to Emin Gun Sirer, a professor at Cornell, investors should look no further than correlated movements between Bitcoin and cryptocurrencies like Ethereum, Ripple and Litecoin, to see that this is the sign of a market that has not yet matured.

“Indeed, a mature market should be decentralized, with independent coin prices decoupled from each other," Sirer said.

Until coins can exist side by side without mirroring the others' movements, investors should expect such ups and downs to continue. For instance, while Bitcoin is up 7%, Ethereum is also predicted to experience an upward correction.

Blockchain is tied to everything from data analytics to office productivity which is why heavy hitters in various industries are optimistic about its future.  

McFee Software founder John McAfee is high on Ethereum moving into the second quarter and beyond.

"Ethereum is trashed more than any currency, and yet no currency is more necessary..." McAfee said, even going so far to say that he believes it will surpass Bitcoin.

Regardless, investors shouldn't shy away from cryptocurrency in the least. In the midst of these weekend developments, IBM announced that they have been holding meetings with central banks and corporations about implementing cryptocurrency to earn revenue. 

Monero Loses Trust, Making Room For Litecoin

Meanwhile, you can't talk cryptocurrency without talking about the Dark Web. While it's come a long way and is very much part of the mainstream financial news, it began as the currency of choice for people looking to make online transactions with privacy.

Once Bitcoin went mainstream, Monero became the Dark Web currency of choice, quickly scooping up a 22% share of the market. However, a recent study into the traceability of Monero transactions has users questioning its ability to provide privacy.

Since Litecoin strongly mirrors Bitcoin, while not having the same mainstream attention, it quickly emerged this weekend as the Dark Web users currency.

You can expect for others, such as Ripple and Ethereum to also vie to fill this void. 

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