What’s Moving Darkcoin North?

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What’s Moving Darkcoin North?

ForexMinute.com – Over the last few days, we are noticing some huge upward price movements in the Darkcoin market, indicating strong buying sentiment. The coin’s price inside the Bitcoin market was trending sideways since the arrival of November, but seemed to have picked momentum after the Fed seized a large number of underground markets, including the notorious Silk Road 2.0.

If one notices, the news of the Silk Road operator getting busted first leaked the wire on November 6th. It is the same time when the Darkcoin market cap began to move north, breaking from the prevailing sideways pattern. Within over 12 hours, the DRK/BTC surged from a mere 523,478 satoshi to a whopping 717,926 satoshi (latter during the November 7th trading session). It slipped a little later, might be due to shaky hands selling their coins at a peak, but soon retained the previously dominated uptrend. Meanwhile on CoinMarketCap.Com, the Darkcoin market cap drastically improved and jumped to 8th position.

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In the meantime, Darkcoin received a number of mentions on multiple crypto news websites, specifically for its recent entrance into two underground market places. The brand awareness peaked further with core developer Evan Duffield’s YouTube video on InstantX, which ultimately presented Darkcoin’s true potential to more and more investors.

Or a Pump…

One cannot exactly predict whether Darkcoin was being pumped over the past few days, or not. Though, the DRK/BTC displayed some similar volatile behavior around crucial development updates in the past. That was a phase where the Darkcoin community was actually growing. The coin has now attained a spotlight of its own, and there is a huge possibility that more investors are looking up at it. The current surge might be the revival of the good old times, after which Darkcoin went into a depressing zone. Now the things seem to improving for the coin – both on trading and merchant-adoption level. We thus rule out the chances of any pump-and-dump at this stage.

Friendly Tip: Downward corrections might take place due to short-term profiteers. But Darkcoin, as a cryptocurrency, seems to be in a comfortable position to attract more buyers in the future. Be a hodler.

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