Anoncoin Price Bursts Out of the Shadows

Journalist:
October 9, 2014

Many in the cryptocurrency community cringe at the thought of having their transaction history made publicly available on the blockchain, which has sparked the creation of a number of altcoins designed to bring privacy to cryptocurrency. Darkcoin is the most well-known privacy-centric coin, but it was not the first. Released in June 2013, the aptly-named Anoncoin has managed to weather the tumultuous altcoin markets, and its stock has begun to increase among investors.The Anoncoin price has been on the rise recently, climbing almost 50% on October 9 alone. However, history suggests investors should proceed with caution when investing in Anoncoin.

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Anoncoin Price Bursts Out of the Shadows

On October 5, the Anoncoin price was just 189,987 satoshis. Over the next three days, the Anoncoin price climbed to 206,838, 229,53, and finally, 266,245 satoshis on October 8. In less than a week, the Anoncoin price had risen 40%, a respectable increase but nothing out of the ordinary. Anoncoin may have appeared poised for a cooling off period.

However, the price took off on October 9. In a single day, the Anoncoin price rose more than it had in the previous three days, ascending to 386,795 satoshis at press time. This price increase represents a 49% single-day rise, an impressive movement for any top-fifty altcoin.

As this seven-day Anoncoin price chart demonstrates, the Anoncoin price rose nearly 50% on October 9. Chart from CoinGecko.

The Anoncoin price increase raised the coin’s market cap to $1,837,285, placing it twenty-second among all cryptocurrencies.

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Analysis

Many altcoins have enticed investors by promising to develop completely anonymous transactions systems. In 2014 alone, quite a few privacy-centric altcoins have been pumped and dumped by traders capitalizing on the desire for anonymity. Only Darkcoin has been able to maintain a consistently high market cap, and even it has endured at least one major pump and dump. Unfortunately, this price manipulation comes at the expense of novice investors–many of whom have seen their entire cryptocurrency investments vanish in days. Anoncoin may fare differently, but history suggests the Anoncoin price will fall just as quickly as it rose. Consequently, altcoin investors would be wise to avoid centralizing too much of their holdings in one coin.

Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.

Images from Shutterstock.

Last modified (UTC): October 10, 2014 14:42

Tags: anoncoin
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.