Blackcoin Edges Higher after Miserable November, Spring Gains Effectively Gone

Blackcoin (BC) has gotten a bit of a bounce, rising 7% during the past 24 hours to 0.078 mBTC ($0.0295). The gains are but a fraction of the losses experienced over the past eight months. BC has shed as much as 85% of its value relative to bitcoin since its spring peak of 0.55 mBTC.

BC had been repeatedly knocking on the 0.08 mBTC door which had served as a valiant last point of support. Two weeks ago, the barrier finally gave way and BC tumbled to new eight-month lows. November turned out to be a dismal month, at one point seeing BC lose 35% in a span of 10 days.

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The new lows have sent BC down to 20th place in market cap rank, now worth $2.2 million, behind lesser-known names such as Fuelcoin, SuperNET and BanxShares. During its peak, it had ranked in the top 10.

Total 24 hour volume has been the equivalent of $125,000, seventh highest among cryptocurrencies. With altcoin exchange MintPal currently offline, BC’s main trading venue is BTC38 which currently dominates 80% of traded volume.