Weekly Altcoin News Update: Vericoin Price Rise, Cryptsy USD Trading, and More

By
Josiah Wilmoth @Y3llowb1ackbird
July 1, 2014

This marks the first installment of the CCN Weekly Altcoin News Update, which will profile altcoin news stories that have flown under-the-radar, but deserve coverage. This week’s update examines the impressive rise of the Vericoin price, the introduction of Cryptsy USD markets, and a new Peercoin marketing campaign crowdsourced by the community.

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Vericoin Price Rises Dramatically

Most altcoins are little more than carbon copies of Bitcoin or another popular cryptocurrency. However, Vericoin offers a host of unique features such as Veribit, which enables users to spend Vericoins at stores that accept Bitcoin, and Veribank, an upcoming third-party feature that will pay users variable Proof of Stake interest.

As a result of these announcements, altcoin traders have become very bullish on the Vericoin price. Three weeks ago, the Vericoin price sat at $.07. Since then, the Vericoin price has gone on an absolute tear, more than quadrupling to $.31 at time of writing (per CoinMarketCap). Currently, Vericoin has a market cap of more than $8.3 million. The Vericoin price and market cap have a long way to go to catch Litecoin, whose $264 million market cap more than doubles the next 10 altcoin market caps combined. However, if the Vericoin price continues its upswing then Litecoin may start nervously watching its rear-view mirror.

CoinMarketCap’s Vericoin Price Chart shows a dramatic increase over the past 30 days.

Cryptsy USD Markets Open

One of the most frustrating aspects of trading altcoins is that few exchanges let you buy and sell altcoins using fiat currencies due to legal issues surrounding cryptocurrency. To acquire altcoins, most people have to use Bitcoin as a go-between.

On July 1, the popular altcoin exchange Cryptsy gave altcoin traders some much-needed relief. Cryptsy USD markets opened for Bitcoin and four major altcoins: Dogecoin, Darkcoin, Feathercoin, and Litecoin. This is great news for the altcoin community as a whole, but altcoin communities not added to the Cryptsy USD markets will have to continue to buy their coin via Bitcoin.

To deposit or withdraw USD, traders will have to verify their identity and residency by providing sufficient legal documentation. This process can take several days, so make sure you are proactive about submitting your documents if you are looking to trade USD on Cryptsy.

Peercoin Crowdsources Marketing Campaign

Since its release in August 2012, Peercoin has consistently remained among the top cryptocurrencies in terms of price and total market cap.  However, the altcoin market is becoming increasingly crowded, and Peercoin has dropped below innovative altcoins such as NXT, Darkcoin, and Ripple.

Peercoin hopes to change this trend with its new crowdsourced marketing campaign. As announced on the Peercoin subreddit:

Instead of having a foundation or a small marketing team working in private, this fund will allow marketing to be done by the community, and for the community. No hidden agendas or ulterior motives. Anyone can submit a proposal and receive funding for their idea, and all proposals will be voted on by the community before receiving funding.

To maintain transparency, the marketing campaign will utilize Peer4Commit. Peercoin community members can submit proposals on PeercoinTalk.

Have an altcoin news tip you think should be featured in the CCN Weekly Altcoin News Update? Email me at JosiahWilmoth@gmail.com

Last modified (UTC): July 2, 2014 09:54

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