Librexcoin has been one of the most traded altcoins today, and it’s not because its surging upwards. It has declined with more than 35% losing almost 200 000 USD in market capitalization in a couple of hours. We have earlier written about Librexcoin, which is a cryptocurrency based on the X11 algorithm (pros & cons here) that will have around 10 million coins in circulation from PoW mining, and then 2% yearly stake interest.
Why has Librexcoin Lost Value?
As you can see from the graph below, taken from Bittrex, there has been two big sell orders that made the price drop almost 40%. The first sell order was worth 31 bitcoins, while the second order had a volume of 25 bitcoins.
There are no obvious (public) announcement or happening that have caused this decline. Most likely there has been one or more persons selling their Librexcoin at what they thought would be Librexcoin’s peak.
Librexcoin has Increased its Value 10 Times
Just since August 5th, Librexcoin has increased its value 10 times, and that may explain why someone is cashing out now. You can view Librexcoin’s astonishing growth in the graph below by CoinMarketCap