Darkcoin Price in Decline after Open-Source Release

open source codeAfter enduring a tumultuous cooling period in August, Darkcoin’s prospects were beginning to look up. Kristov Atlas’ review of Darkcoin’s source code was mostly positive, and developer Evan Duffield announced Darkcoin would soon become open-source. Moreover, the Darkcoin price increased during the first half of September. After declining a bit from its mid-month highs, the Darkcoin price rallied before Darkcoin’s open-source release. However, the Darkcoin price has declined since the actual release. Nevertheless, Darkcoin investors should not panic-sell yet.

Darkcoin Price in Decline after Open-Source Release

Darkcoin price CoinGecko daily chart October 2

The Darkcoin price declined 4.5% over the past 24 hours.

As Bitcoin price history has shown, good news does not always translate into a sustained price increase, and Darkcoin investors are now discovering that for themselves. Despite a variety of bullish news, the Darkcoin price has been in decline since mid-September.

After experiencing a tumultuous August, the Darkcoin price rallied from September 14-18 with a nearly 56% increases. However, that rally was short-lived. By September 27, the Darkcoin price had fallen to 712,208 satoshis–a 22% decrease from its monthly high.

Darkcoin price thirty day September

The Darkcoin price reached its monthly peak on September 18. All charts are courtesy of CoinGecko.

On September 28–the day before Darkcoin’s open-source release–the Darkcoin price rose to 768,460 satoshis. However, the Darkcoin price then fell dramatically. From September 29 to October 1, the Darkcoin price fell 111,206 satoshis to 640,503–a nearly 15% decline. Since reaching that low, the Darkcoin price has rebounded slightly. The Darkcoin price is now 646,062 satoshis. Darkcoin’s market cap is $11,505,392, ranking it eighth in total coin market cap.

Darkcoin price October 2

This seven-day Darkcoin price chart shows the extent of Darkcoin’s recent decline. The current Darkcoin price is 646,062 satoshis.

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Darkcoin Price Analysis

Darkcoin’s market cap ranking matches coincides well with its overall coin health. CoinGecko’s comprehensive ranking algorithm currently places Darkcoin seventh with a score of 54% (Darkcoin is virtually tied with eighth-place Namecoin, which also holds a 54% score). This means Darkcoin’s market cap is performing how its overall coin health indicates it should.

Long-term Darkcoin Forecast

While the Darkcoin price has declined in the short-term, recent developments should bode well for the coin’s long-term prospects. Kristov Atlas’ code review should lend legitimacy to Darkcoin in the eyes of serious investors, and the open-source release means Darkcoin developers can now turn their attention to future improvements, such as instant transaction confirmation speed. Developer Evan Duffield also indicated in a recent DarkcoinTalk post that his team is working on several secret projects.

Darkcoin has faced–and continues to face–challenges from a variety of anonymity-centric coins. However, Darkcoin has remained atop the heap, largely due to Duffield and the other Darkcoin developers’ expertise and relentless dedication to development. Although all altcoin investments are incredibly risky, traders should continue to regard Darkcoin as the best long-term hold among privacy-centric coins.

Disclosure: The author does not have any investments in or affiliations with the coins listed above. Any advice contained in this article is solely the opinion of the author. 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.

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