Feathercoin (FTC) has not been taking well to the latest round of volatility hitting altcoins.
While its peers like Nextcoin (NXT) and Dogecoin (DOGE) have also come down over the past few days, their descents looked more like corrections as they were preceded by monumental multi-fold gains. Feathercoin, on the other hand, experienced no initial pop and has been in near constant decline in 2014 vs BTC, losing 26% year-to-date and 41% from its peak early on.
Against USD, it barely budged during its upswing and finished with 0% net gain during the latest round of volatility, again, unlike its peers.
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Is now trading at around 0.34 mBTC ($0.32) on BTC-e.
The continued decline follows its testing of the key 0.38 mBTC level, which it indeed broke. The next line of support is 0.2 mBTC. Due to the slow rate of decline, it may take some time to reach this point, leaving plenty of time in the interim to turn things around.
The cause for FTC’s deterioration is still unclear, but it may be a simple case of the flight of digital money to the most popular cryptos of late. Frustrated traders are going so far as to even speculate about BTC-e fixing prices.
Its combined decline and lopsided underperformance relative to other alts have sent FTC lower in market cap rank, now sitting at 14th. FTC’s market cap is currently $9M.