ForexMinute.com – Once topping over $15 million, the Darkcoin market cap have shockingly slipped around $10 million since May, taking its total market cap to around $6 million at this time of writing. It has ultimately caused Darkcoin its 5th richest market cap position as well, which after the aforementioned turmoil has been reduced to 10th. The most shocking truth however is the short time span within which the market cap has fallen.
This embarrassing performance comes right after the constant drop in Bitcoin market cap, visible since last week. Incidentally, it was the same period when Darkcoin released the RC4 wallet, known for its much-speculated Anonymization feature. It was widely speculated within the trading community that this update will play an important role in boosting Darkcoin to the top position. But the coin is currently looking like a victim of ongoing dumps in the cryptocurrency market.
It is though surprising to see Darkcoin reacting to the current Bitcoin ecosystem at such amplified levels. Unlike Litecoin, DRK has mostly found itself decoupled from Bitcoin, and its market cap and price have always been under the impact of its development updates. However this time, one could see a direct link between the Bitcoin and Darkcoin’s fall. Even other altcoins is sharing the similar fate, but none the least it is DRK which has faced the maximum blow of this depressing event.
Darkcoin is indeed being dumped at high levels, by the same opportunists that hold its maximum portion. So blaming this entire case on Bitcoin will still be an unfair thing to do. Thereupon we are provided with two possibilities – either DRK prices are driven in such a way such that the coin can be bought back at low, or DRK is nearing towards its end.
Though, the community is still backed by a large number of supporters. They can still start buying Darkcoin in huge proportions to move the market upward. We see no point why someone, or a group of many, would deliberately want to kill Darkcoin, especially when RC4 is doing pretty fine in the real world. But we cannot even neglect the fact that the DRK is currently under its starting price, which is alone enough to spread FUD in the entire community.
It is now on the members whether they want to support Darkcoin, or….
To contact the reporter of the story: Yashu Gola at yashu@forexminute.com
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter
Click here to view full article