Auroracoin Market Cap Crashes to 6th Place

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Auroracoin: A Brilliant Idea Coming to Life

ForexMinute.com – Once in news for beating even the next-best cryptocurrency Litecoin’s market cap, Auroracoin had made many fans within a short span since its launch in February. More than and other cryptocurrency, Auroracoin was an idea that emerged as the solution to the Iceland’s failed economy. The creators of this innovative coin further made headlines when they decided to distribute its 31.8 units to every Icelander.

The expectations lived until March 25th, the date on which Auroracoin’s distribution inaugurated.

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The Litecoin clone somehow didn’t anticipate the crash it was about to face. Soon after the distribution started, the coin began to lose its value by extensive margins. Even its market cap took a cold jolt by falling extensively within just a week. As per the evaluations given my CoinMarketCap.com, Auroracoin’s market cap has lost its number 4 position and has dropped to 6th. Dogecoin is the one which has replaced Auroracoin in this game, while Peercoin is further mocking the Icelandic cryptocurrency by ranking one step ahead of it.

The reason why Auroracoin is disappearing into thin air, without ever being able to get into the hands of a good number of people and be used as a payment process, is the initial acceptors exchanging it with real currency as soon as they are receiving it. The price graph of Auroracoin is looking as similar as  Iceland’s regulated currency Krona, dropping as heavily as ever. Iceland’s bad luck, maybe!

Value Unstable
The last 24 hours have good news for Auroracoin, as its value has seen a significant increase. At GMT-loving-midnight on March 31st, AUR/USD was trading at $1.616, while at present, its value has improved by almost 55% and is now trading at $2.395.
But seeing its recent volatility, there can be no definite prediction for April 1st, until and unless some April-Fool prank declares something unusual.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com