Throughout its brief lifespan, Blackcoin has defied expectations and found success in the wild-west of the altcoin markets by innovating with features such as Blackhalo. However, the Blackcoin price has declined quite a bit since peaking in mid-April. The Blackcoin price decline continued over the past week. CCN examines this altcoin price decline.
Blackcoin Price Falls Back into the Red
After declining for the bulk of the Summer, the Blackcoin price rallied in September, reaching 15,900 satoshis due to increased trading volume on Chinese exchanges. However, the rally was short-lived, because the Blackcoin price fell back into decline during October and early November.
The Blackcoin price decline continued throughout the past week. On November 10, the Blackcoin price was 9,202 satoshis. The price inclined slightly on November 11, but it dropped to 8,436 satoshis on November 12. The Blackcoin price hovered around that mark for the next two days but soon resumed its decline.
From November 14-17, the Blackcoin price fell another 10% to its current mark of 7,658 satoshis.
Blackcoin now has a market cap of $2.2 million, ranking it 16th among cryptocurrencies in total market cap.
CoinGecko gives Blackcoin a 50% overall coin rating, which ranks it 14th among cryptocurrencies. Like most altcoins, Blackcoin’s strongest score is its developer activity rating (58%). Since Blackcoin’s market cap and CoinGecko ranking are fairly close (16th and 14th, respectively), the Blackcoin price appears to be performing at roughly the level its rating indicates it should.
What do you think explains the Blackcoin price decline? Comment below!
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 Blackcoin and Shutterstock