After new high, BitcoinDark retreats 24% on above average volume

BitcoinDark has posted an enviable streak of gains since it launched for trade 3 months ago. At its peak of

BitcoinDark has posted an enviable streak of gains since it launched for trade 3 months ago.

At its peak of 0.0154 BTC, it had gained 30-fold since July. It has recently given back 24% to trade at 0.0117 BTC on Cryptsy.

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It is traded against BTC on all its supported venues, except for Poloniex where it is also officially traded against Monero.

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Volume has been among the highest for altcoins, with over $100,000 traded in the past 24h. It now ranks 11th in market cap, 7th among mineable currencies. Its total valuation is $7.5 million.

BTCD/BTC, Sept 9. Source: Cryptsy
BTCD/BTC, Sept 9. Source: Cryptsy

According to its website, “BitcoinDark is a community driven project which aims to fulfill the original ideals of crypto-currency: Decentralization, Openness, and Anonymity.”

The prognosis: Many coins have posted multifold gains and entered the upper echelons of market cap this year, only to fall hard a short while later. Even if a new coin comes to offer the value-add of total anonymity, it enters what is becoming an increasingly crowded space. There are now bitcoin wallets that are said to make transactions completely anonymous.

Current prices would have to remain mostly sustained for the next several months before the rally can be taken more seriously.

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