The Monacoin price had a terrible week. The “Japanese Dogecoin” saw its price fall by more than 20%, including more than 10% in the past day alone. However, the Monacoin price has historically been very volatile, and the recent price decline is not an unusual occurrence. CCN examines this altcoin price movement.
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Monacoin Price Falls
The Monacoin price as 17,725 satoshis on October 9. The next day, it rose slightly to 18,930 satoshis. That mark would prove to be Monacoin’s weekly peak. On October 11, the Monacoin price declined to 17,541 satoshis. After briefly rising again on October 12, the Monacoin price dipped to 16,346 satoshis on October 13.
The Monacoin price would not experience another recover for the remainder of the week. It fell to 15,893 satoshis on October 14 and 15,043 on the 15th. On October 16th, the Monacoin price fell another 11% to its current price of 13,564 satoshis.
Monacoin now has a market cap of ~$675,000, which places it fortieth among cryptocurrencies on the market cap charts.
Rapid price swings are par for the course for Monacoin, so the recent price decline is unlikely to sway longtime investors. However, CoinGecko’s comprehensive Monacoin analysis should give traders pause. Monacoin ranks sixty-third on the CoinGecko charts with a 31% rating. This negative disparity between Monacoin’s market cap and CoinGecko ranking indicates Monacoin’s market cap is outperforming its overall coin health by a wide margin. Coins may over or under-perform in the short-term, but investors should remain wary of placing long-term investments in coins with inflated market caps.
What do you think of Monacoin’s price volatility? 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. 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 Monacoin, 1000 Words and Shutterstock.