The broader crypto markets are again trading lower today, struggling to gain any traction now for over a week.
A notable exception has been Darkcoin (DRK), which has quietly appreciated in value both in bitcoin and dollar terms.
The coin has been in a gradual uptrend since the beginning of the new year, rising from roughly 0.006 BTC to its current price of 0.0103 BTC ($2.21). Its dollar-based increase has been more pronounced, reflected by a market cap that has doubled to $11 million during the past three weeks. Helped by the struggles of most other top-ranked coins, DRK has quietly climbed back to 8th spot in market cap rank.
Its bitcoin-denominated value is now challenging 5-month highs, while its dollar-based value is the highest since mid-December.
It is still well off its June 2014 peaks, but unlike several other alts, it remains well above historical lows experienced shortly after launch and immediately prior to its big rise.
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Especially notable in the current trading environment are DRK’s volumes, which have been consistently higher during its recent rise. Currently, the equivalent of $166,000 has been traded during the past 24 hours, fifth-highest among all coins.
Last month, Darkcoin celebrated its first birthday. The occasion happened to coincide with the earlier stages of its rise, although it’s unlikely that the two events are related.
One can speculate that there may be increased demand for the coin after its addition to several dark marketplaces. Participants may be looking to maximize their chances of evading authorities after a spate of arrests and convictions, the most recent example being Silk Road creator Ross Ulbricht.
Darkcoin says it can obfuscate transactions to the point that even an adversary with “NSA-level” resources is incapable of cracking them.
Time will be the best test if Darkcoin’s value will continue to recover.