Anoncoin Price Continues to Trend Down

By
Josiah Wilmoth @Y3llowb1ackbird
5 years ago

During the past month, the Anoncoin price has continued the downward trend catalyzed by October’s abrupt Zerocoin delay. Anoncoin has released a new development schedule to try to get back on track, but investors should remain cautious about the privacy-centric altcoin.

Also Read: Anoncoin Price Crashes After Developer Announces Zerocoin Delay

Anoncoin Price Continues to Trend Down

The Anoncoin price soared to the top echelon of the market cap charts in mid-October ahead of the release date for Zerocoin–Anoncoin’s key anonymizing feature. However, Zerocoin lead developer Gnosis abruptly announced on October 19 that the project was delayed indefinitely. Since then, Gnosis has put Zerocoin on the back-burner.

Without Zerocoin support, the Anoncoin price crashed from 239,862 satoshis to 67,152. The Anoncoin price quickly rebounded to 88,000 satoshis and inclined over the next week, reaching 102,000 satoshis on October 29. However, the Anoncoin price has fallen 40% since then.

By November 4, the Anoncoin price had fallen to 74,000 satoshis. The Anoncoin price slowed down quite a bit after the 4th but continued nonetheless. At press time, the Anoncoin price was 62,291 satoshis.

This 30-day Anoncoin price chart from CoinGecko shows the extent of the altcoin’s recent downtrend.

Anoncoin now has a market cap of $343,000, which ranks it 52nd among cryptocurrency market caps.

Analysis

Following the chaos surrounding the abrupt Zerocoin delay, investors became disillusioned. That disillusionment clearly has not subsided during the past several weeks. Anoncoin recently released a new development schedule for Zerocoin and other key features, but developers gave no timetable for when they would reach implementation. Anoncoin is one of the most well-established altcoins, but at this point investors are still betting on pure speculation. Invest with extreme caution.

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[divider]CCN[/divider]

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 Anoncoin and Shutterstock

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