Blackcoin (BC) may be finding some stability after a wild six days of trading.
The coin had been stuck in a dismal streak of decline that has seen it virtually erase all of its spring gains. It has continued its losing ways into December, sliding by another 30% to trade as low as 5,400 satoshi, its lowest point since March.
Last week, it apparently either hit a critical point of reversal or experienced one heck of a dead cat bounce – it more than doubled to over 12,000 satoshi within 48 hours. Gains of such proportions are not uncommon after losing 90% of one’s value, as BC has done since hitting a peak of over 55,000 satoshi on April 14th.
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The spike brought BC to its highest point in over two months. It has since retraced its jump back to below 9,000 satoshi, now settling near 10,000 ($0.32).
The wild trade took place on volumes much higher than the recent norm. The equivalent of $300,000 has exchanged hands in the past 24 hours, seventh highest among all cryptocurrencies. With MintPal out of the picture, the bulk of the coin’s trading now takes place on BTC38.
Despite the jump, the coin sits 18th in market cap rank, worth $2.6 million.