Feathercoin Price Rises Ahead of NeoScrypt Hard Fork

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
October 25, 2014

Several months ago, Feathercoin developer Pete Bushnell announced the coin would transition to the newly-developed NeoScrypt hashing algorithm, which is resistant to ASIC miners. On October 26, Feathercoin will undergo a hard fork to make the official transition. The Feathercoin price has increased in anticipation of the update. CCN analyzes this altcoin price movement.

Also Read: Should I Purchase an ASIC Scrypt Miner?

The Feathercoin Price Has Risen Almost 50%.

Feathercoin released client 0.8.7.0 on October 13. The update includes the NeoScrypt hard fork, which will take place on October 26. Since the announcement, the Feathercoin price has risen almost 50%.

On October 13, the Feathercoin price was 7,490 satoshis. The Feathercoin price increased to 8,966 satoshis the day after the update. It remained steady on October 14 yet climbed to 9,740 satoshis on the 15th.

The Feathercoin price dropped to 8,205 satoshis on October 16, but it continued to increase over the next week. The current Feathercoin price is 11,028 satoshis.

The Feathercoin price has increased since Feathercoin announced the release date for NeoScrypt on October 26. The current Feathercoin price is 11,028 satoshis. Chart from CoinGecko.

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Analysis

Feathercoin now has a market cap of ~$2.3 million, placing it 17th on the cryptocurrency market cap charts. This correlates well with CoinGecko’s comprehensive analysis of Feathercoin. CoinGecko ranks Feathercoin 16th among cryptocurrencies with a 51% overall rating. Specifically, Feathercoin has a solid developer score. However, its community involvement and liquidity scores are less than desirable. Nevertheless,  investors should expect Feathercoin to hold its value as long as it maintains its CoinGecko ranking.

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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. 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.

Images from Feathercoin and Shutterstock.

Last modified (UTC): October 25, 2014 16:45

Tags: feathercoin
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.