Litecoin Dumped by Chinese; Dash Next (Op-Ed) – CoinTelegraph

On Saturday, the Litecoin market holdings were dropped like third-period French. In much the same fashion, the ultra-secure altcoin Dash has also seen a marked rise in trading over the weekend, stoking fears of an equally precipitous decline in the coming days.

As we reported on Friday, an alleged “Pump-and-Dump” scam was suspected for the Litecoin currency and its sudden meteoric rise. Advocates of the altcoins would remark that the Grexit is a factor in the sudden value spikes and has helped them, as it has bitcoin.

The hard numbers do not bear this out. For no particular reason, trading in Litecoin started to ascend last Monday from a value of US$4.77 to over US$8.50 on Friday. Nothing has changed in the Grexit situation over the past week to spark market sudden demand in altcoins, and the demand is not coming from Greece but from China. See the chart below for last week’s Litecoin price history.

Saturday is a great day for an altcoin scam

Then, on Saturday, Litecoin buying power dropped like a light switch had suddenly cut all energy, and within hours it was approaching its Monday values once again. Looks like

Read more ... source: TheBitcoinNews