Cryptocurrency Declines: Skycoin, Zencash and Bitcoin Private Buck the Trend
May 23, 2018, 11:18AM
The cryptocurrency market is down once again, falling to a total market cap of $346 billion with Bitcoin dominance rising to 38.9% of the total.
The cryptocurrency market is down once again, falling to a total market cap of $346 billion with Bitcoin dominance rising to 38.9% of the total. The altcoin market is especially hard hit with many of the top 100 assets down by low double digits. However, not all of the altcoins are down today. Bitcoin Private (BTCP), Skycoin (SKY), and Zencash (ZEN) buck the trend with substantial rallies in the past 24 hours.
Why Is Skycoin Up Today?
Skycoin is a blockchain protocol that claims to be the most advanced blockchain ecosystem ever created. Instead of using Proof-of-Work or Proof-of-Stake, Skycoin uses a completely new decentralized algorithm called Obelisk designed to reconfigure the blockchain itself and deliver a "web-of-trust" that doesn't require mining and prohibits the centralization of power that often occurs in other systems.
Skycoin has recently announced the launch of its Skywire test net which is now live. They have also released an official installation guide to direct users on how to participate in the event.
Price Action for Skycoin, ZenCash, and Bitcoin Private
Skycoin is up a stunning 34.87% in the last 24 hours. This move takes the asset to a per unit price of $34.12 and a total market cap of $307 million on approximately $5.89 million in trade volume. ZenCash is up by 11.45% and Bitcoin Private is up by 14.91% to a per unit price of $21.40 and a total market cap of $437 million. This move gives it the 45th position on Coinmarketcap - just under RChain (RHOC) and Augur (REP).
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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