A cryptocurrency focused on social media, Reddcoin has been around the markets for over four years now! The currency started operations in February 2014 – and has since made a slow climb to the list of the top 100 cryptocurrencies, where it is currently ranked the 88th. Reddcoin, represented by RDD, was a rather silent name in the markets from 2014 to 2017. However, the currency suddenly boomed during the late 2017 crypto-boom when Reddcoin price went from $0.001 to $0.026 in a matter of weeks.
However, ever since the currency reached its peak, it has since been on a slow, downward trend. The last couple of weeks have been harsh on the cryptocurrency markets and Reddcoin prices too, are affected. Reddcoin price opened the day at $0.0039 and closed the day at $0.0037 – which is a fall of 3.77% over the day. The currency's market cap, over the 24-hour period, fell from $112 Million to $107 Million as RDD lost $5 Million over the week.
Reddcoin price performance over the past 24 hours has been quite dismal. However, even when you look at the broader picture, the seven-day period hasn't been so kind on Reddcoin as well. The currency opened the week at a price of $0.0052 and with a market cap of $152 Million. From there, the market cap fell to $107 Million (a loss of $45 Million in a week).
The future of Reddcoin price is quite uncertain. However, going by the general trend of the markets it might be quite possible that the currency will continue the free fall till the overall markets recover. Once the recovery begins and the prices start rising, it might be a good time to invest in Reddcoin as a short-lived bull-run is expected from the currency over the next month to month and a half. The graph above shows the Reddcoin price movement from the starting of the year till date. This is a clear indicator that a sharp and strong downtrend has formed.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.