Darkcoin–the famed anonymity-centric altcoin–has encountered bumps in the road as it seeks to bring untraceable transactions to the cryptocurrency community. However, recently the Darkcoin price has risen significantly. CCN.com examines this altcoin price movement.
The Darkcoin Price Rises
Darkcoin investors have experienced a pleasant week. On November 2, the coin’s price was 513,485 satoshis. The Darkcoin price hovered around that mark until November 6, when it jumped 50,000 satoshis to 566,808. The Darkcoin price jumped another 50,000 satoshis on November 7 to nearly 620,000.
But the real Darkcoin price movement took place on November 8.The Darkcoin price rose 28% to 793,267 satoshis. The price briefly dipped during the early portion of November 9, but since then the Darkcoin price has increase to 795,755 satoshis. Darkcoin now has a market cap of $13.2 million, ranking it 8th among cryptocurrency market caps.
Analysis
The recent Darkcoin price increase should please investors who chose to hold their coins rather than sell on the price downtrend. Now that the Darkcoin price seems to have found a bottom and is trending up, speculative investors should give it a look. Other privacy-centric altcoins have risen and fallen, but Darkcoin has consistently remained among the top 10 altcoins. The Darkcoin price will probably not see its mid-summer price of ~$17 anytime soon. However, Darkcoin still seems like a solid long-term hold.
What do you think is behind the Darkcoin price increase? 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.com. Neither the author nor CCN.com is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from Darkcoin and Shutterstock
