Viacoin is a crypto 2.0 platform built on an independent blockchain. Viacoin had a very successful presale, and the Viacoin price soared after the coin hired Bitcoin developer Peter Todd to assist with the project. However, the Viacoin price has endured a steady decline for the past month. CCN examines this altcoin price decline.
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October has not been a pleasant month for Viacoin investors. After Viacoin obtained a $1 million market cap just days after its official launch, investors made strong early returns on the crypto 2.0 platform’s native currency. However, the Viacoin price has been sliding recently.
When the Viacoin price ended September at 26,665 satoshis, the altcoin had already experienced a month-long price skid. But the Viacoin price’s troubles were not over, for October brought more of the same.
During the first week of October, the Viacoin price fell about 4,000 satoshis, reaching 22,510 on October 8. The Viacoin price decreased slightly during the next week and sat at 21,929 satoshis on October 15. But then the Viacoin price decline quickened its pace. By October 22, the Viacoin price had dropped to 14,874 satoshis–a weekly decline of nearly 1/3. Since October 22, the Viacoin price has continued to decline. At press time, the Viacoin price was 12,002 satoshis.
Viacoin now has the 45th-highest cryptocurrency market cap according to CoinMarketCap.
Viacoin’s price decline could be tied to big announcements surrounding other crypto 2.0 platforms–particularly the news that the online retailer Overstock will build a decentralized stock exchange on top of Counterparty. Nevertheless, Viacoin could be primed for a comeback in the near-future. CoinGecko’s comprehensive rating analysis places Viacoin 31st among all cryptocurrencies, a full 14 places above its current market cap ranking. This could be an indication that the Viacoin price is currently underperforming relative to the coin’s overall strength. Investors should track Viacoin’s CoinGecko ranking over the next several weeks to see whether it remains steady or falls to match its market cap ranking.
What do you think of the Viacoin price decline? Comment below!
Disclosure: The author is paid in and holds investments in bitcoin. He currently owns 1,600 Viacoins. 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 Viacoin and Shutterstock