The Reddcoin value increased in the middle of summer 2014. Reddcoin went up 37 satoshis on July. However, it soon showed that the altcoin encountered a pump and dump scheme. After reaching its peak within two weeks, prices started to fall. A decline of over 60% became apparent.
Reddcoin’s price had two short rallies. All of this happened in August and September. Neither proved to be permanent. Prices continued to go down in October. Values fell to 13 satoshis before the start of November.
During the first half of November, the Reddcoin value continued to follow the trend. Prices dropped from 13 satoshis to 11 satoshis by the start of November.
At the time, Reddcoin had a market cap of just over $1 million. This placed it on the 26th spot of the cryptocurrency market cap charts. It wasn’t the best start for the new currency, though it was for other altcoins.
Despite the low market cap, a few still ranked Reddcoin on the upper half of charts. This sometimes helped with pulling the Reddcoin value back up. While this did not provide in dramatic price trends, investors still had the option whether or not to keep their Reddcoin wallet and coins.
More challenges for Reddcoin
In the first quarter of 2015, Reddcoin price has fallen once again. Around 40% dropped in a short time. The fall in its price may be as result of Bitcoin’s dominance. The pioneer cryptocurrency continues its rise while other brands like Reddcoin suffered. Reddcoin value started to drop before March. It traded between 8 and 10 satoshis during the time.
Many question the dropping price of Reddcoin despite Bitcoin’s price surge. There is no definite answer to this, but there are a few possible factors responsible for this.
First is the fact that Reddcoin is mostly bought with Bitcoin. There are only a few ways available to acquire Reddcoin. Only a few fiat currencies can be exchanged with Reddcoin. When the price of Bitcoin goes up, a percentage of altcoin holders shift to Bitcoin. They sell their coins to buy bitcoins. A large sum of Reddcoin entered the market in exchange with Bitcoin in 2015. This is a strong case for the price drop during the time.
Reddcoin value continues the search for stability. Recent efforts try to take away the sudden price movements. For those looking to take advantage Reddcoin, waiting for prices to mature is a good strategy to play. Stay in tune and see where the altcoin takes you.