Blackcoin (BC) has been trending lower and is challenging 2-month lows near 0.15 mBTC. It is currently trading at 0.16 mBTC, the equivalent of $0.10, on Cryptsy and MintPal.
Volume is relatively light, equaling $50,000 traded over the past 24h.
The coin had a successful run in April and again in late-May, posting multifold gains during both periods. Like several of its alt-peers, however, Blackcoin has declined back toward levels last seen prior to the “alt-bubble” from late Jan-early Feb. It is now more than 70% off its peaks from that period.
The declines have continued despite the development of smart, “unbreakable” contract protocols by one of its developers.
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A meaningful breach of its mid-term 0.16 mBTC support level can signal further declines to below 0.1 mBTC in the months ahead. The coin recently crossed under its 50-day moving average of 0.19 mBTC, a signal for additional mid-term downside.
Blackcoin’s market cap is currently $7.44 million, ranking it 11th amongst all cryptocurrencies and 7th among those that are mineable. Its total value is half of that of the next most valuable coin, MaidSafeCoin, now worth over $15 million.
Blackcoin runs on a proof-of-stake algorithm, and says to pay out 1% yearly interest as part of its “staking” program.