Darkcoin jumps 69% after staving off 0.005 BTC, acceptance by online drug dealers likely cause

As if on cue after last week's not-so-bullish analysis, Darkcoin (DRK) has shot up by 69% during the past 96h.

DRK is now trading at 0.0083 BTC ($2.86), matching levels not seen since September 20. Prior to the rally, DRK had declined all the way back to its 0.005 BTC support level, losing about one third of its value during October.

24h volume has been well above normal, with over $372,000 worth traded during the period. Only Bitcoin and Litecoin have seen higher amounts traded.

DRK has now easily crossed back over its 50-day moving average (MA), now equal to 0.0065 BTC, after falling below earlier in October. Prior to this weekend, the traded price spent roughly equal periods of three weeks above and then below this mark.

The jump was most likely catalyzed by news of online drug dealers now accepting DRK, in addition to bitcoin. The news was sufficient to supply an initial price pop, driven by speculators. Continued strength, however, is dependent on sustained demand for the currency.

With the jump, DRK surpasses Counterparty in retaking 8th spot in market cap rank, now worth $13.7 million.