Quarkcoin Rally Fizzles, Surrenders Most of Last Week’s Gains

After spiking last week as high as 0.14 mBTC ($0.13) on Cryptsy, Quarkcoin (QRK) has come back down to earth,

After spiking last week as high as 0.14 mBTC ($0.13) on Cryptsy, Quarkcoin (QRK) has come back down to earth, giving up most of its gains without concrete signs of  letup. Quarkcoin is currently trading at 0.09 mBTC ($0.09) on Cryptsy.

QRK/BTC 10-day chart
QRK/BTC 10-day chart. Source: Crytptocoincharts.info

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At its peak, last week’s spike in QRK represented a 75% gain from its trough of 0.08 mBTC. It also temporarily returned the cryptocurrency close to even-par after bogeying on the front 9 days of its 2014 course, landing it into its most recent rough patch.

While showing some signs of stabilization over the last 3 days, a mid-term view of QRK shows that this may just be a brief respite as part of an overall trend of deflation back to solid ground.

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QRK/BTC 10-day chart
QRK/BTC 30-day chart. Source: Crytptocoincharts.info

For its long term outlook, 2014’s activity can also be viewed as a stabilization mechanism of sorts. Quarkcoin had burst onto the altcoin trading scene in late November when CoinMKT added it and other altcoins to its platform. Simultaneous with the crypto-craze and subsequent crash, QRK gained several-fold, rechallenged its highs after falling and even held on to most of its gains.

Quarkcoin, or simply Quark, differentiates itself from other cryptocurrencies by utilizing multiple sophisticated hashing functions, making it one of the most secure cryptos around.

At today’s prices, Quarkcoin’s market cap stands at $20.7M.

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