Reddcoin reeling, loses 35% during past 24h

Reddcoin has dropped by over 35% during the past 24h of trading, now worth 14 satoshi ($0.000082) on Cryptsy.

Since hitting a peak of 34 satoshi on July 27, the coin has lost 59%. The coin had undergone relatively flat trade during the first half of 2014, but then surged by 750% within 2 months.

Reddcoin now ranks 22nd in market cap, 13th amongst mineable currencies, worth $2.4 million.

Reddcoin remains one of the most heavily traded Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Read this Term, with 590 BTC ($350,000) worth traded during the past 24h. Over 90% of this volume take place on Cryptsy. However, its USD-based trading on Cryptsy continues to languish, with only 2.35 BTC ($1370) traded in the same period.

According to its website, Reddcoin is “social currency that enriches people’s social lives and makes digital currency easy for the general public.” It integrates a digital currency platform with major social media networks.

Community members are hoping that its introduction to multi-pool mining will provide upward pressure on the price.

Expect a short-term bounce, but if the multi-pool fails to inspire buyers, there is little basis for mid-term support above 8 satoshi.