Just last week, CCN profiled Blackcoin’s the moderate price rise which pulled the altcoin out of a significant price downtrend.
On September 11–when CCN last examined the Blackcoin price–the coin was valued at 9,736 satoshis, a 14% rise over the previous day. The Blackcoin price continued to increase over the next two days, peaking at 13,227 satoshis before cooling off to 11,083 on September 14.
At 10:00 pm EST on September 14, Blackcoin was trading at an average of 10,911 satoshis. By 11:15, the coin had increased 9% to 11,986. The price remained fairly consistent until 4:30 am on September 15. At that point, the Blackcoin price began to explode.
Within 3 hours, Blackcoin’s value increased an astounding 20% to 14,911 satoshis. The price continued to increase until 9 am, where it peaked at 17,082 satoshis.
Following this dramatic rise, the Blackcoin price declined a bit to its current position at 15,712 satoshis. Despite the mild decline from its recent peak, Blackcoin’s September 15 price-rally is nothing short of impressive. Over a 24-hour span, the Blackcoin price increased nearly 43%. Blackcoin’s market cap increased to ~$5.7 million, placing it thirteenth in market cap and just $600,000 behind twelfth-place Counterparty.
The recent Blackcoin price increase was ignited by an infusion of Chinese investments. More than 64% of Blackcoin’s 24-hour volume is centralized on the Chinese BTC38 exchange. At present, Blackcoin comprises nearly 11% of BTC38’s total volume, trailing only Dogecoin (51%) and BitSharesX (17%).
The increased Blackcoin exchange volume has raised Blackcoin’s CoinGecko metric score as well. On September 11, Blackcoin’s scored 47% with a 42% community, a 62% developer, and a 43% liquidity score. Blackcoin’s community and developer scores remain unchanged since then, but the extra exchange volume increased the coin’s liquidity score to 43% and its overall score to 49%.
CCN’s last article on Blackcoin noted that the coin’s metric score was five spots higher than its market cap ranking, which can sometimes indicate a coin is out-performing its market cap and could be poised for a price rise. In this particular case, the Blackcoin price trend confirmed that theory, as Blackcoin rose to thirteenth in market cap–just behind its twelfth-place metric rank. Since Blackcoin is now ranked comparably to its overall coin health, traders should not invest on the assumption that Blackcoin is underperforming.
Investors should also be wary of a cooling-off period, which is liable to happen after frantic price rises such as the one Blackcoin has experienced. After the coin’s value rose more than 40% in a single day, many investors will be tempted to sell their holdings at a huge profit. Short-term investors should keep this in mind before buying Blackcoins at what could be a temporary price-peak, and long-term investors should remember this before panicking if Blackcoin undergoes a moderate price-correction.
Disclosure: The author does not have any Blackcoin investments or affiliations.
Featured image from Shutterstock.
Last modified (UTC): October 14, 2019 05:37