Bitcoin’s stable price did not deter nor influence altcoins from performing solidly on the market. Three altcoins in particular did well this week: Monero, Netcoin, and Vericoin once again.
Moneros increase in valuation is most likely due to Ricky Riccardo, “@fluffypoinyza,” whom is a Core team member, attending several meetings in Europe to most likely talk about Monero.
As you can see by the price graph, Monero enjoyed consistent, organic growth this week. If patterns continue throughout the summer months when Ricky is scheduled to attend meetings in Europe, there’s nothing that says Monero couldn’t reach $0.75, or even $1.
While Netcoin has a relatively low volume of around 2 BTC, it still showed excellent performance this week as well, increasing by 24%. Due to Netcoin’s PIR and OWI twist on POS, Netcoin’s gains are usually kept as owners of Netcoin are incentivized proportionally based on how long they have continually staked.
Vericoin has been following the same patterns from last week, which seems to be fueled by two factors: the PoST (Proof-of-Stake Time) White Paper coming soon, as well as today being Vericoin’s birthday.
With the growth from Vericoin being slow and steady, the bubble can still get bigger before bursting. Like most other hype-fueled pumps, there is usually fallout after the event passes, e.g., the release of the PoST Whitepaper.
Depending on the direction Bitcoin heads next week, there are two price destinations as previously stated above. Either we see Bitcoin break through the $250 barrier and we go for a (most likely) short-lived bull run, or we fall back down to the $230s range.
