The Feathercoin price fell 15% this week. This price decline is a continuation of the steady downtrend Feathercoin has experienced since the Feathercoin price rose in anticipation of the altcoin’s switch from the Scrypt algorithm to the ASIC-resistant (for now) NeoScrypt hashing algorithm.
Since the pre-NeoScrypt spike in October, the Feathercoin price has steadily declined. However, the Feathercoin price had remained fairly steady at ~7,000 satoshis since mid-November. But the decline resumed this week.
The Feathercoin price began the week of November 27-December 4 at 7,001 satoshis. It hovered just below that mark for the next two days but began to fall on November 29. By December 1, the Feathercoin price had dropped almost 1,000 satoshis to 6,090.
Following the drop, the Feathercoin price continued to decline at a minor rate. At time of writing, the Feathercoin price was 5,972 satoshis, leaving the altcoin with a market cap of ~$1.38 million.
Although the Feathercoin price is in decline, CoinGecko’s comprehensive analysis of Feathercoin indicates a healthy short-term outlook for the altcoin. While Feathercoin currently has the 25th-highest cryptocurrency market cap, CoinGecko ranks it 19th in overall coin strength (CoinGecko analyzes community activity, developer involvement, and public interest, among other factors). The difference between Feathercoin’s market cap and coin analysis rankings indicates the Feathercoin price is currently under-performing and could rise to meet its analysis ranking. Although altcoin investing is always risky, shrewd investors should consider acquiring a small stock of Feathercoins as a portion of their altcoin portfolio.
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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 Feathercoin and Shutterstock
Last modified: June 13, 2020 9:35 PM UTC