Originally launched in February 2014, Ultracoin offers 30-second transaction times using the ASIC-resistant Scrypt-ChaCha algorithm. Although it has never gained a widespread following, Ultracoin persevered throughout what has been a tumultuous year for altcoins. Recently, the Ultracoin price has trended upwards, perhaps in part due to a new marketing initiative launched by the coin’s director.
Long-time Ultracoin community member Steven “Rapture” became Management Director of Ultracoin in early November. One of Rapture’s primary goals as Management Director is to give Ultracoin a fresh look, including a redesigned logo and a streamlined website. Rapture also announced today that Ultracoin would exhibit at the North American Bitcoin Conference, which should prove a marketing boon for Ultracoin.
Meanwhile, the Ultracoin price has been trending up (despite rather large fluctuations), perhaps due to Rapture’s efforts at revamping the coin. During the past week, the Ultracoin price rose from 8,259 satoshis to 11,355–a 33% rise.
Ultracoin now has a market cap of ~$990,000, which ranks it 31st among cryptocurrencies according to market cap.
Although Ultracoin has risen to 31st in total market cap, CoinGecko gives the coin a comprehensive ranking of 51st. Ultracoin has a particularly low developer activity score (12%) compared to most other coins. This disparity seems to indicate the Ultracoin price is out-performing the coin’s true potential. However, it is possible that investors are just ahead of the curve–perhaps believing the Ultracoin team’s redesign and other efforts will affect the coin’s price substantially over the long-term. Nevertheless, potential investors should keep the CoinGecko score in mind as they decide whether to buy into Ultracoin.
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Images from Ultracoin and 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.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.