After a slight recovery over the weekend, Zetacoin (ZET) continued its slide vs BTC on Cryptsy. It ploughed a fresh 1 month low of 0.026 mBTC ($0.023) on Cryptsy today. Like PrimeCoin, Zetacoin entered the year on a high, only to crash by nearly 50% in a matter of days.
Its weekend recovery saw it gain close to 10%, only to resume its slide thereafter down to its current low.
The price of ZET had shown some signs of stabilizing around 0.03 mBTC with a solid support level of 0.027 mBTC, but today’s new low and recent days’ bearish pattern suggest the cryptocurrency has further to fall, albeit after a possible slight recovery over the weekend.
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ZET maintained its highest historical levels during the second week of December, where it held on to its 0.1 mBTC ($0.09) level for nearly 1 week.
Like many altcoins, Zetacoin showcases its advantage over BTC in faster transaction confirmations and lesser mining difficulty. On forums and article comments, its vocal community often takes a form similar to those pumping pennytocks with comments to the effect of buy now while it is cheap. Whether this is intentional or the result of having a very supportive user base is up to debate. (Update: see below in the comments for a Zetacoin community member opinion. This video also provides example of the active community working on the coin. Its future potential may partially explain the exuberance expressed by those speculating that prices will fly higher.)
Zetacoin now has a market cap of approx. $3.7M.