Darkcoin Price Fell 20% in a Week

Journalist:
August 31, 2014

The Darkcoin price has not fared well recently, much to the chagrin of investors. Over the past few weeks, the Darkcoin price has experienced a steady decline, followed by a crash and brief recovery. CCN examines the Darkcoin price and analyzes its future outlook. [divider]CCN[/divider]

Darkcoin Price Fell 20% This Week

Over the past seven days, the Darkcoin price fell 20%. The anonymity-branded coin had a price of $3.08 on August 24. However, the Darkcoin price continued its steady two-week decline by rippling down to as low as $2.29 on August 27. At present, the Darkcoin price rests at $2.42, according to CoinGecko.

This CoinGecko Chart shows the 7-day Darkcoin price decline from a high of $3.08 on August 24 to $2.42 on August 31.

The Darkcoin price decline has affected its market cap ranking. Right now, Darkcoin’s market cap is ~$11 million, which places it 9th in total market cap. Darkcoin still has a $2.5 million edge on MaidSafeCoin, who holds the 10th spot, but Darkcoin’s rank has steadily fallen over the past several months. Darkcoin was once set to challenge Litecoin for the #2 spot, but if the present price decline continues Darkcoin could risk falling out of the top 10 (market cap rankings via CoinMarketCap).

Darkcoin Price Decline Part of a Longer Trend

Altcoins regularly experience large price swings due to their low market caps, but the Darkcoin price decline is more troubling because it is part of a longer trend. Darkcoin has seen prices as high as $17.50, and and as recently as August 8 the price was $5.98.

This 30-day Darkcoin price chart shows a steady decline from $5.98 on August 8 to $2.42 on August 30.

Over the next week, the price crashed to $1.54 on August 18 during a cryptocurrency market decline that was led by Bitcoin but had a greater affect on altcoins. Within days, the Darkcoin price (as well as most other prominent altcoin prices) had rebounded somewhat to $3.82. However, $3.82 proved to be a Darkcoin price peak, because it has declined steadily since then.

Long-Term Darkcoin Price Forecast

Price forecasts are an inexact science, and investors should always take them with a grain of salt, especially when they claim to predict what a coin’s price will reach on a specific date. However, examining certain aspects of the Darkcoin ecosystem–such as community interaction, developer attentiveness, and exchange liquidity–provides investors with a broad snapshot of the present state and future outlook of the Darkcoin price.

CoinGecko’s comprehensive coin metric analysis algorithm ranks Darkcoin 6th. Darkcoin earns a 71% developer score, a 53% exchange liquidity score, and a 40% community interaction score, which averages out to a 55% comprehensive metric score.

As demonstrated in the chart above, CoinGecko’s metric analysis ranks Darkcoin 5th among altcoins (6th including Bitcoin) according to its comprehensive metric algorithm. Darkcoin has a relatively high developer attentiveness score (meaning that developers regularly update the source code on GitHub), but both its community interaction and exchange liquidity scores are lower than investors would desire. Darkcoin’s comprehensive score is 55%, which though high among altcoins still demonstrates great volatility compared to Bitcoin. Investors should keep this in mind as they try to predict the future of the Darkcoin price.

Featured image from Shutterstock.

Last modified (UTC): September 1, 2014 00:03

Josiah Wilmoth @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.