Perhaps no segment of the altcoin industry is more volatile than the privacy-centric coin market. Coins rise and fall constantly, and investors can become wealthy or see their investments vanish in hours. Currently, Stealthcoin holders are experiencing the latter scenario. The Stealthcoin price has decreased more than 37% in the past day alone, leaving the community in chaos.
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Stealthcoin Price Plummets Amid Community Chaos
On September 22, the Stealthcoin price reached an all-time high of 14,479 satoshis. However, the Stealthcoin price has been in decline since reaching its peak. By September 24, the Stealthcoin price had dropped by 4,000 satoshis. Over the next week, the Stealthcoin price continued to decline slowly, broaching the 9,000 satoshi mark on September 30.
The Stealthcoin price began October with a bang, rallying to 12,306 satoshis by October 2. Alas, the recovery would be brief. The Stealthcoin price soon fell, and from October 4-7 it hovered around 10,000 satoshis. But it would not stay there for long.
As the CoinMarketCap chart below demonstrates, large bagholders began to dump their coins on October 7. By October 8, the Stealthcoin price had dropped to 7,610 satoshis. Before the day was over, Stealthcoin had rallied back to almost 9,000 satoshis, but then the price began to fall again. On October 10, the Stealthcoin price dropped another 37%, falling to its current price of 5,126 satoshis.
The Stealthcoin price decline has hemorrhaged the coin’s market cap. At press time, Stealthcoin had a market cap of $388,612, which is barely one-third of its peak cap of more than $1.2 million and ranks Stealthcoin fifty-sixth in coin market cap.
The Stealthcoin price decline is a classic case of community FUD (fear, uncertainty, doubt) caused by investors with shaky hands and coin rivalries. Despite frequent developer protests, many altcoin holders spam the threads for other altcoins to try to disparage the coins and increase the standing of their own coin (and by extension their own investments). The current feud primarily involves ShadowCash trolls, another privacy-centric altcoin competing for the same investors as Stealthcoin (ShadowCash developer Rynomster has admonished the trolls for their actions). At present, the Stealthcoin thread on BitcoinTalk is in chaos. Only time will tell if investors double down on their Stealthcoin investments or jump ship for another coin.
Stealthcoin photo taken from Stealthcoin website; other images from Shutterstock.
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.