Some altcoins got hit hard when exchanges allowed the rates to go below 1 satoshi... This means there essentially is no hard low limit for them. There is also some people who intentionally exxagerate the rate drop for some altcoins by mining them and selling for less than mining costs. I can't say how long they can sustain mining for loss, but that will for sure hurt reputation of involved exchanges and give clear signal for other traders to stay away from those exchanges. When there is so many sell orders at sub-satoshi rates, it will take a lot more than 1 BTC worth of buy orders before the price can climb back to usual levels around 40 satoshis and up.
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Yes that is all true, though most of the drops I am referring to are the much higher priced coins, the blue chip altcoins if you will. :) Even those are down 90%+
It seems to me most of coins are down a lot, but there is some hidden gems that are actually up a lot instead... Some of my work colleagues have been selling a lot of coins at over 10x profit for last month or so to buy ones that are close to 1 satoshi.
Interesting. What coins are those that they made that much profit on?
United Emirate Coin is one of them... The coin hasn't been on exchanges for much longer than a month, but it is still a lot higher than 1 month ago.
Hmm... not able to pull it up on coinmarketcap. Did they get it before it was on any exchanges? Where is it traded now?
It's listed on at least Crex24. Coinmarketcap doesn't have most of the recently created coins as they only few days ago eased the rules for accepting coins.
Ah I see. That would make sense.