Feathercoin (FTC) is up by over 50% in dollar terms over the past 2 days, now worth $0.28. The 50% rise is composed of FTC’s organic rise of 38% versus Bitcoin (BTC) plus BTC’s gains versus the dollar of 10%.
Feathercoin’s market cap is now back to $9.2M, up from below $6M, which had been its lowest value since December.
On BTC-e, it is trading at 0.42 mBTC.
On the one hand, many will argue the jump is overdue. FTC had been tumbling since opening 2014 on a high of 0.5 mBTC, subsequently losing over to 40% vs BTC to reach a low of 29.5 mBTC. The recent jump is the first and largest of its kind this year.
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The other good news for FTC is that it has kept well clear of its 20 mBTC floor, making the prospects for an eventual turn around more fathomable.
Yet, FTC had been sliding for close to 6 weeks, building for itself a low floor and moving average reinforced by the test of time. Indeed, it is still 20% off this year’s high in Bitcoin terms, and 27% in dollar terms, making it one of the weaker altcoins among the top 15. Today’s bounce merely reinstates it back to where it was one week ago.
During its prolonged contraction, FTC successively established and then broke through increasingly lower levels of support. In the last update, FTC had been threatening the 0.34 mBTC level, which it indeed broke through.
Forums and chats are rife with forceful comments calling the rise a pump, with some bewildered at who has millions of dollars to spend on pumping it. Some are calling for a three-fold increase in the coin’s value. Others are calling for its removal from BTC-e.
FTC’s lacklustre debut on Vault of Satoshi, a rare place where it can be traded with fiat, has not helped matters.