Since its release, Darkcoin appears to be experiencing its ups and downs similar to many other cryptocurrencies. But while there is currently no reason to begin panic selling just yet, there is still some concern from Darkcoin investors over the last few weeks about the coin’s future viability, especially after the release of its open source code.
Things were beginning to look up for Darkcoin after Kristov Atlas’s review of its source code. The coin had a brief cooling period in August but rallied in the first half of September, before the open-source release on September 29 when the price again began to drop.
This demonstrates that a piece of good news for a cryptocurrency does not always translate into instant success. An excellent example is the news of PayPal merchants accepting Bitcoin. It would seem reasonable that with that many new merchants the price would climb, instead after a brief jump, it went in the opposite direction, and no amount of good news seems to stem the gradual decline.
Now, Darkcoin is finding itself in much the same position, experiencing a downward trend since the middle of September. But price drops happen across the spectrum of investment vehicles and cryptocurrencies are no exception to this rule.
The early September rally drove the price up nearly 56% but by September 27, the coin lost 22% of its value, then slightly rising on the 28th, the eve of its release of its source-code, after which it plummeted from US$2.76 USD to US$2.39. Since that time the coin has rebounded a bit and its $11,505,392 market cap ranks it 8th in total coin market cap, which means it is still quite strong and CoinGecko’s comprehensive ranking algorithm scores it 54%, putting it neck and neck with Namecoin.
The best probability is that Atlas’s code review has not had enough time to have a really positive effect on Darkcoin. The review will give the coin legitimacy. If developers are allowed to spend more time developing new features such as instant transaction confirmation speed and master nodes that are used for “mixing” and several other so far secret projects. The fact is that cryptocurrencies in general are still very new and fluctuations are to be expected as each coins develops and matures. Despite all of the challenges that Darkcoin it still remains near the top of the heap and will likely remains a solid long term investment.
Follow us on Facebook