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…
Also Read: CryptoNote Currencies – Anonymous 3rd Gen
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.
The Anoncoin price increase raised the coin’s market cap to $1,837,285, placing it twenty-second among all cryptocurrencies.
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: January 3, 2020 3:18 PM UTC