After literally going vertical to start the year, Vertcoin has fallen on hard times. It did offer some hope in May when it bounced back, climbing as high as 15th in market cap. A suite of accompanying products and the prospect of achieving that elusive goal of ASIC-resistance helped its cause.
But from there, it’s been all downhill. From its May peak, it has shed nearly 90%. It is currently trading at 0.22 mBTC ($0.11) on Cryptsy. From its peak in January, it has lost 95% of its value, which is it at the higher end for altcoins falling off their January-February peaks.
It now ranks 39th in market cap, worth $786,000.
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The coin has stabilized over the past few days even as most cryptos have experienced heavy selling and volatility, in a sense displaying a similar resilience as it did in April when most coins were suffering. Optimists will tell you that there simply isn’t much room left on the downside, but as we’ve seen with other coins, there are plenty of decimals before you get to zero.
Some in the community have been quite open that they don’t expect a rebound in the near term. There are those hoping that a solid foundation of new features will lay the groundwork for a bright future, while others are hoping it can ride the coattails of a Bitcoin rally. Altcoins have recoupled their behavior with that of Bitcoin during today’s recovery, and while Vertcoin has joined the party, it has a lot of ground to make up.