Altcoin Price Update: Privacy Coins And Big Movers

Sep 07, 2016 at 16:15 // Price
Author
Daniel Dabek
Altcoin party: Monero, ShadowCash, Storj, and Bitshares move it.

September 7, 2016 - Monero breaks all-time highs, while Alpha Bay and Oasis DarkNet adoption take hold. Shadow Cash releases new Graphical User Interface and witnesses new heights. Storj project raises a successful crowdfunding campaign and it’s accompanying coin SJCX revisits previous highs. Bitshares gains 30% with a share drop from a new project: Peer Plays.

XMR - Monero

New attention is arriving around the privacy features of the Monero blockchain and in the past week, Monero (XMR) has gained in price by 100% starting at 0.013 and reach a height of 0.026, XMR is currently trading at 0.02 with a market capitalization of $160,000,000 putting it as the 5th most valuable cryptocurrency in the world, just after Litecoin (LTC).

XMR/BTC, Monero price chart by Poloniex, September 7, 2016 

There are some important updates to look out for coming from the Monero development ecosystem. CoinIdol.com has reached out to Riccardo Spagni, Core Team Member - Monero, to ask about recent and upcoming developments:

“The main development that is very exciting is the addition of RingCT, which is a special cryptographic scheme we invented, based on Confidential Transactions, that Greg Maxwell created. It’s basically a fix for certain classes of sophisticated attacks against Monero. For Example: tracking a user based on the amounts moving through the network, if their transactions use outputs that are very large or very small and don’t have lots of existing outputs to mix with, and that’s been implemented and is currently working on testnet.
Mainnet will hard fork to that functionality in the next 6 months or so, with our hard fork coming up in March next year” 

CoinIdol.com asked about the status of the graphical user interface development specifically, and Riccardo let us know:

“The GUI is an open-source project, so it launches when the contributors working on it are done.
There’s no company or centralised funding resource for this, there is a crowd-funding system that some contributors have used, but other than that, everyone works for free of their own volition”

Monero is proving to be a technologically advanced system that has been operating successfully since 2014, and is now seeing widespread adoption among privacy activists. We think that the completion of the graphical user interface is of great importance to increasing user acceptance.

SDC - ShadowCash

ShadowCash (SDC) is at its heights following a rise of more than 500% in this week alone. This is a proof of stake mineable coin, which means you must own SDC in order to participate in the mining process. It utilizes privacy technology to obfuscate transactions which could give anonymity to users.

SDC/BTC, ShadowCash price by Coinmarketcap.com, September 7, 2016

Most notable about the coin, besides its great increase in price, is the release of Umbra, a graphical user interface that works with the ShadowCash coin, that includes an anonymous messenger as well as the wallet functionality for sending and receiving funds.

Shadow client wallet image

SJCX - Storj Project

Storjcoin X (SJCX) is another big mover this week. The price rallied from 0.0002 to 0.00029 nearly 50% on news that the project’s development team recently closed a funding round of more than €400,000 on Bnk to the Future.

SJCX/BTC exchange rates by Poloniex.com, September 7, 2016

Since the rally, SJCX has pared back gains and is currently trading at 0.00021.

BTS - Bitshares

Bitshares (BTS) is seeing some action following a share drop by Peer Plays, a new project that is built using the Bitshares Platform. Approximately $600,000 worth of coins will be distributed to Bitshares (BTS) holders who hold the coins outside of exchanges such as Poloniex or Bittrex. The event has caused the price of Bitshares to rally nearly 30%, but it has retraced these gains since then.

BTS/BTC exchange rates by Poloniex.com, September 7, 2016

Bitcoin is starting to make some gains, breaking above the $600.00 mark with a small rally to a $615 price. Usually, Bitcoin rallies cause altcoins to drop in price against bitcoin, and if the rallies on bitcoin persist there could be a paring back off price gains among altcoins this upcoming week.

BTC Bitcoin price chart by Coinmarketcap.com, September 7, 2016

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