Bitcoin was still suffering a decline from the week before due to a disappearance in Evolution, one of the bigger dark web marketplaces available.
Bitcoin started the week around $270, and ended at $241, making for an approximate decline of 10%.
Also Read: Last Weeks Market Wrap Up
Agora, one of the Evolution’s biggest competitors to replace Silk Road and Silk Road 2, is currently being monitored for a wallet with almost 24,000 BTC in it. While as of now everything is speculation, this may have fueled fear of another exit-scam similar to Evolution’s, which may have decreased the price from the seemingly stable $270 we started the week with.
While price declined this week, many headlines broke from companies adopting Bitcoin. Neteller surprised everyone by reversing its policy on Bitcoin and started accepting it through a partnership with Bitpay. However, withdrawals and US Bitcoin deposits are currently disabled. Neteller is not stopping there, and announced a couple days ago that they wanted to acquiring Skrill as well.
On top of that, the Texas Bitcoin Conference as well as Zebpay’s Bitcoin Indian Alliance are pushing bounds in adoptions of the currency as well.
Altcoins Market Analysis
Two privacy coins, Darkcoin and Shadowcoin, significantly increased in value this week. Darkcoin decided to rebrand itself to Digital Cash or DASH. Darkcoin wanted to shake the negative connotation emanating from its usage of on the dark web. The rebrand was announced last week, and that was what kick-started the price jump. This week was what finalized the pump, and solidified the upper $4 range as the new floor for Dark- Digital Cash I mean.
All technologies stay the same, however. Price did not, with Darkcoins price jumping from $3 to $5, with the current price at $4.60. The trend was rather stable, with price charts looking like a mountain range; plenty of peaks then periods of flat valleys. Only time will tell if now named Digital Cash will be able to shake off its association with illicit activities on the dark web.
Shadowcoin jumped 77% this week as well, starting the week at a market price of approximately five and a half cents and ending the week at almost ten cents.
Other coins that made significant double-digit increases would be Startcoin, which is a crowdfunding coin, and Rimbit, a cryptocurrency designed for ease of use as well as convenience. Startcoin increased in price 87% this week, and Rimbit increased triple digits, an incredible 105%.
This was a great week for cryptocurrency, with many things happening in the background. Some coins went up, some went down. But in the greater mean of things, the consensus was positive.
Predictions for next week? How do you feel about Darkcoins rebrand? Let us know in the comments below!
Photo Sources: Bitcoin Charts, CMC