It turns out that Darkcoin’s 20% surge two weeks ago was little more than a brief respite. Darkcoin (DRK) has resumed its fall, and with momentum.
DRK has now slipped below the equivalent of $5.00 to $4.95, its lowest level in just over 10 weeks. The last time it visited this level was on its way up to near $16 during its May rally.
The coin has shed over 40% from its brief peak two weeks ago, and close to 70% from its all-time highs. It now ranks 6th in market cap amongst all cryptocurrencies, 4th among those mineable. It is in danger of slipping behind Dogecoin, itself struggling.
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It Bitcoin terms, DRK trades for 8.44 mBTC. Volume is roughly in line with recent trends, with roughly $324,000 traded over the past 24h.
We may be seeing a recoupling of altcoin prices with those of Bitcoin, at least temporarily. During Bitcoin’s May rally, altcoins chartered a different course for themselves, either stagnating or losing value (Darkcoin being the notable exception). This past weekend, however, several experienced large drops in sync with Bitcoin. Darkcoin, Litecoin and others experienced losses in excess of 5% within two hours.
Further declines are definitely possible. DRK continues not to heed successive points of support established during its May ascent. The ascent itself was so steep that DRK will have a tough time shaking off its bubble-like effects.
Some community members are downplaying the negative price action, arguing that while it would be nice to be an early adopter as the coin “goes to the moon”, what really matters is that they have a coin that “will be completely or 99.9999% anonymous.”