Darkcoin Market under Psychological Effects

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Darkcoin Market under Psychological Effects

ForexMinute.com – Ever since the implementation of its first hardfork, the Darkcoin charts have shown us some of the most surprising fluctuations. The mountain-like graph, with its surprising bulls and bears, is indeed far away from any technical analysis, leading us to making an analogy that Darkcoin is an unpredictable coin, trading solely under psychological effects.

Speaking particularly about the present scenario, the Darkcoin charts have lately seeing huge and continuous drops. The drops are speculated to be caused by yet another failed hardfork on Darkcoin masternode payment network. Although, the coin’s developer presented a reasonable alternative by presenting the community with a soft fork which, at present, is functioning smoothly without putting any buying pressure on miners.

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Even then, the Darkcoin prices have seen no improvements. The reasons can be many; for instance the growing influence of Bitcoin in today’s market scenario. Cryptocurrency traders are indeed expecting a big Bitcoin bubble, which eventually leaves no choice for other coins in the game, including Darkcoin. However, other reasons that equally justify the Darkcoin’s poor performance in cryptocurrency market can be panic sell (or serious sell pressure) and community migration to other alternatives.

At the same time, there are many who still believe Darkcoin market to rebound after the enforcement of RC4. “There is need for an Alt Coin that can offer true [anonymous] capabilities,” says one of the Darkcoin users while encouraging the idea of transforming financial space with proper financial instruments.

What Darkcoin needs today is the successful implementation of its masternode payment network. With most of the followers looking for short-term profits, it is obvious for Darkcoin to lose its steam until its price reaches to the best bottom. But we believe that the Darkcoin was never a coin for turning people rich overnight. Instead, it came with a vision of offering people anonymity in their transactions. Maybe that is why; this particular coin is driven by the psychology of users. Once they realize that its payment network has been forked successfully, the fruits will follow it for sure. Till then, what we can do is wait.

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

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