PayCoin Price Plunges to Ring in the New Year

PayCoin--the much-hyped altcoin developed by GAW's Josh Garza--launched on December 12 to much fanfare and a highly-questioned top-tier market cap ranking. However, the PayCoin price has plunged since December 29, perhaps in part due to the recent PayBase security issues, as well as confusion about the full functionality PayBase's Amazon integration.

Also read: Josh Garza Speaks On PayBase Launch With Amazon Shopping Using PayCoin

PayCoin Price Plunges

Scores of altcoins launch each month, and most receive little attention. However, PayCoin is one of those rare altcoins with enough funding and infrastructure to muscle its way into cryptocurrency's upper echelon. PayCoin--and its payment platform PayBase--are designed to work with the legacy credit card systems most businesses already employ. Moreover, PayBase integrates with merchant APIs to allow customers to buy products with PayCoins from within the PayBase platform. Consequently, many investors are bullish on PayCoin.

However, others are not convinced, and skeptical observers had their fears confirmed when PayBase was hit by an apparent security malfunction shortly after its launch on December 30. GAW claims the issue was a minor CloudFare glitch, but some investors remain worried that customer data was  compromised or could be in the future.

As a result, the PayCoin price reversed its upward trend and plunged over the past few days. From December 25-29, the PayCoin price soared climbed more than 1,000,000 satoshis to 4,063,012 (As with most altcoins, bitcoin is PayCoin's largest trading pair).

The PayCoin price rang in the new year by dropping considerably. Chart from CoinGecko.

But then the PayCoin price decline began. The PayCoin price dropped on December 29, ending the day at 3,938,736 satoshis. The downward pace steepened on December 30, as the PayCoin price plummeted to 3,150,018 satoshis. The negative trend continued on New Year's Eve, and the PayCoin price rang in the New Year with a whimper. The current PayCoin price is 2,604,831 satoshis. PayCoin currently sits third among cryptocurrency market caps with a total valuation of $~98 million according to CoinGecko. The coin has a ~$3 million edge on fourth-place litecoin.

What do you think the outlook for the PayCoin price is in 2015? Comment below!

Disclosure: The author has ~1 PayCoin

Images from PayCoin and Shutterstock.

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Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. 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 holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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