Altcoin

August 3, 2016 Bitfinex reveals 119,756 Bitcoins have been stolen from the exchange customers’ accounts. The compromise is limited to Bitcoins. Altcoin balances traded on Bitfinex are unaffected. Trading, withdrawals, and deposits are still frozen.

On August 2, 2016 18:16 UTC Bitfinex, Bitcoin and Altcoin exchange announced that it is dealing with a security breach that affects some of its Bitcoin wallet balances. Trading on Bitfinex is halted as well as Bitcoin and Altcoin withdrawals and deposits.

Last week the cryptocurrency markets had no dramatic volatility or movements to please crypto traders. Investors were in no hurry to take risks and invest in bitcoin or altcoins. Temporarily, a slight equilibrium was established between buyers and sellers.

Altcoins are now in pent-up demand. The long absence of purchases and a small drop in prices, says that as soon as possible the price growth of the most popular altcoins should start again.

At the beginning of the week, the fall of alternative coin prices seemed to have stopped and they even slightly increased in price.

This week holders of altcoins suffered losses, as all altcoins except Ethereum lost in the price. The more altcoins are produced, the less popular they are.

Altcoin trading activity on the markets is gradually reducing. Some investors believe that investment in risky assets such as altcoins is not justified in an unstable economy. Others fear that the majority of new altcoins subsequently will be scams and they will lose money.

Low liquidity coins once again dominate the top 5 movers list as exit pumps and multi-month consolidation breakouts rule the day.  

The growth of the main cryptocurrency, which began recently, did not last long and most of the altcoins moved into a sideways trend again, as traders reduced their activity. How long such passive dynamics last, time will tell.