Reddcoin price has fallen around 40% during the past 10 days. The fall in its price has coincided with the rise in bitcoin price that has been prominent since the beginning of March.
By looking at Coinmarketcap’s chart (look at the below chart), we can better spot the drop in reddcoin price that started on the 28th of February. As we can see on the charts, it has been mostly trading between 8 and 10 satoshis during most of February; however, at the moment reddcoin is trading between 6 and 8 satoshis. Accordingly, if you bought reddcoin at 10 satoshis last month, at 6 satoshis, you have now lost 40% of your invested amount.
Why is the price of reddcoin falling despite the fact that bitcoin price is actually rising? Well, the answer for this question is relatively hard to find, but there is a rather logic theory; reddcoin is mostly bought with bitcoin as there are very few ways to buy them with fiat currencies. When bitcoin price rises, a considerable percentage of altcoin holders sell their coins for bitcoin. I think this is what has been happening with reddcoin during the past 10 days or so. A large amount of reddcoin was pumped into the market in exchange with bitcoin which is the most probable reason why its price dropped.
Although reddcoin was one of the altcoins that had a rather stable price, the recent fall can lead to an increase in its volatility once and for ever. If you bought some reddcoins a few weeks ago, my advice for you is to hold on to your coins for a few weeks more and don’t sell them at today’s price. Reddcoin is apparently oversold and its value is really more than 8 satoshis, especially that it is backed by a strong community that truly believe in Reddcoin.
