Blackcoin soars to 7-week high, doubles in less than week

Blackcoin (BC) has continued its hot streak after staving off falling below its key 0.08 mBTC support level. The rally started when it gained 17% last week. It continued to trend higher in choppy trade, culminating at 0.17 mBTC ($0.082) several hours ago.

At its peak, BC had doubled in value from the lows near 0.085 mBTC, where it had languished for over 2 weeks.

Thereafter, BC quickly reversed course and is now trading at 0.146 mBTC. Volume has been higher than average during the past 24h at $528,000 worth traded, the 5th highest total among Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

At the peak, BC reached its highest point since late July. It also came to within 12% of its 50-day moving average. It has not traded above this level since June.

BC is still nearly 80% off its peak set in the spring. Gains like those from the past week are not uncommon following such losses.

Blackcoin currently ranks 14th in market cap rank, worth $5.1 million.