Blackcoin Price Climbs Out of the Red

September 11, 2014 08:46 UTC

After exploding onto the scene during the first quarter of 2014, the Blackcoin price has declined consistently. However, on September 10 the Blackcoin price increased by as much as 18% at its peak (although it declined briefly by the end of the day). Nevertheless, Blackcoin sustained a price increase of more than 10% over the course of 24 hours. CCN examines the 24-hour Blackcoin price increase so investors can decide whether or not it is the beginning of a longer trend.

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Blackcoin Price Climbs Out of the Red

24-hour price Blackcoin price chart from CoinGecko

When it first burst onto the scene in the early part of 2014, many investors thought Blackcoin was a just pump and dump that would allow a few whales to make a quick profit at the expense of novice investors. However, the Blackcoin developers and community have proven that charge false through their numerous innovations, which include a smart-contracts system and a dedicated multipool.

Shortly after its release, the Blackcoin price quickly rose to ~89,000 satoshis. As expected, the price crashed hard, falling to ~14,500 satoshis in 48 hours. Despite several brief pumps to 53,000 and 39,000 satoshis, respectively, the Blackcoin price has declined fairly linearly  since April. Through most of August, the Blackcoin price fluctuated around the 8,300-8,600 satoshi mark.

The Blackcoin price entered September 9 at 8,682 satoshis, increasing to 8,744 by the end of the day. On September 10, the Blackcoin price went on an impressive rally, spiking to a high of 10,438, a 17% rise. After peaking at over 10,000 satoshis, the Blackcoin price began a slight decline. At present, the Blackcoin price is 9,736 satoshis, which represents a nearly 14% increase over the preceding 24 hours.

Blackcoin Investment Advice

CoinGecko ranks Blackcoin 12th among cryptocurrencies according to its comprehensive metric algorithm, which analyzes a coin’s developer activity, community interaction, and exchange liquidity. At 35%, Blackcoin’s exchange liquidity is relatively low, which is likely due to its Proof of Stake distribution model, which encourages investors to stake their coins to avoid demurrage. Blackcoin’s community interaction score is 42%, which outpaces coins in Blackcoin’s vicinity on the CoinGecko charts, but is still lower than desirable. Blackcoin has a respectable developer activity score of 62%, bringing the coin’s overall score to 47% (Only Dogecoin has as score higher than 70%, highlighting how volatile altcoins remain in general).

Blackcoin’s CoinGecko Metric ranking exceeds its market cap ranking, which could bode well for the Blackcoin price. However, Blackcoin’s 47% CoinGecko rating is not ideal.

Of course, Blackcoin’s developer score does not account for the myriad of Blackcoin developments that occur outside the source code, such as BlackHalo, a smart contracts platform, and the Blackcoin Pool, a multipool that places consistent buy pressure on Blackcoin exchanges. While developments such as these do not factor into Blackcoin’s CoinGecko score, investors should take them into consideration as they plan their investments.

Blackcoin’s twelfth-place CoinGecko ranking currently exceeds its seventeenth-place market cap rank. This ranking discrepancy could bode well for the outlook of the Blackcoin price because it demonstrates that Blackcoin’s overall coin health is outperforming that of other altcoins with higher market caps.

Disclosure: The author has no personal Blackcoin holdings.

Images from Shutterstock.

Last modified: December 17, 2017 04:45 UTC

@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.