Back in October, the market capitalization of NewYorkCoin (NYC) sat at around $350,000. Fast forward to the start of 2018 and the same coin has a market capitalization of more than $18 million.
This dramatic increase is attracting a considerable amount of attention right now across the crypto space, with traders and investors asking the questions – what’s behind the run and can it continue?
Let’s take a look.
By way of a bit of background, this one has a similar history to the original cryptocurrency, bitcoin. Similar, that is, in the sense that it was created by an unknown developer who has since distanced him or herself from the project, stepping aside to allow organic market forces to dictate the success or failure of the coin. And as the latest action shows, organic market forces are favoring the former – NYC is quickly becoming a success.
After a quiet period, a fresh developer took on the project and has since revitalized the coin both in terms of activity and value. We’re also seeing a wave of third-party interest in NYC, with Coinomi, the big-hitter mobile wallet platform, making NewYorkCoin available in its next release; a move that will pave the way for NYC to be implemented onto BitTeller ATM’s. The team behind the coin expects NYC to be available through ATMs in New York by the end of the first quarter of 2018.
So why would someone use NYC when alternatives like BTC and LTC already exist?
Well, BTC is having some real scalability issues right now and people are turning to alternative cryptocurrencies to facilitate transactions. The coins with the most attractive protocol are proving the most popular alternatives and NYC falls neatly into that category.
The coin has no network fees, instant transactions, 30-second confirmations (as compares to the 10 minutes or more associated with BTC right now) and it’s SCRYPT powered, similar to Litecoin, meaning it has very low difficulty mining (an attractive feature for miners and a strong incentive to support the network with their computing power).
As with any cryptocoin, accessibility and liquidity is key to growth and adoption, so where can you get NYC?
NYC is currently available at YoBit, a leading cryptocurrency exchange, with future listings planned as market capitalization increases and daily trading volume grows.
Bottom line here is this: this is a coin that has been around for a few years (which is a lifetime in this space right now) but that is yet to experience the surge of growth we’ve seen in many of its, younger, less established peers.
With a growing community of support and the above-mentioned catalysts in the near-term pipeline, the action we are seeing now could be just the beginning of this surge.
Image courtesy of Jörg Schubert via Flickr