Civic (CVC): Bumpy Roads, Rocky Boats and All the Highs and Lows

Civic plays with the big guys although its price isn’t as near as 10.000$ per coin, having its value set on 0.8 dollars per unit and 809 million dollars net worth supported by coins that are available for mining. Although this digital currency is on the deck with the big boys, it had some pretty horrible downfalls as well as fantastic value increase during the past 200 days.

Ups and Downs with CVC

CVC is a pretty solid digital coin if you take some time to take a glance at the technology this currency is using. Although CVC uses blockchain technology, just as every other digital currency when compared to big names on digital currency market this cryptocurrency is closer to Ethereum than it would be to Bitcoin. CVC is using Ethereum based technology, and it represents decentralized ecosystem that allows all users to enable privacy and security on demand as well as to create new identities that are accepted and verified through this ecosystem. Users are then able to function through the ecosystem by performing transactions, trades and exchange of values while remaining secure. Transactions are cost effective and fast so CVC is easy to work with and can be described as extraordinarily functional and easy to use.

Transactions are done through smart contracts so that any potential of thievery and hack attack is prevented and diminished. Only two parties are involved in transactions, and just those individuals take part in verification of identity and transaction process and protocol.

Thanks to its functionality and advanced usage of blockchain technology, in the mid-summer, CVC had a promising future when its value jumped for 70% going to the price of 0.3$ which was the first more significant value this coin has experienced. From there on, CVC continued with having its value increasing. If you take into consideration that just five months before undergoing the rise of value, this cryptocurrency was trading at 0$ which made it non-existent, this price jump was what CVC users and traders were waiting for.

The rocky boat didn’t stop rocking there as CVC was also on the line for having an additional rise in value in December when other currencies had their price increased, which made CVC value jump for a total of 274% in the last days of the current year.

The final increase was marked on December 29th when CVC price went up again for 25.47%, which made this coin worth 1.01$ per one unit. That was at the same time the most significant value this digital currency has ever had.

Why is CVC dropping?

A lot of different digital currencies have experienced sudden drops, many unexpectedly, and the reasons for those sudden drops are usually out of control – not often, but mostly and most definitely are beyond the control of coin holders.

You can affect the market as well, that’s true, and your decision whether to hold onto a coin or to sell it on the market is also affecting the price of currencies. Usually, the higher the interest, the higher the price. Miners can also change the benefit new investors and traders are having in specific digital coins by extensively working on mining, which multiplies the number of available coins which also affects the overall value and net worth.

There are other factors for having the price of coins dropping all of a sudden – like it is the case with Bitcoin. Sanctions that different countries are imposing, like when China decided to ban coin offerings, known as ICO or initial coin offerings, which resulted in having the value of Bitcoin dropping after reaching its peak.

China, although affecting Bitcoin negatively, can be a tribute to having been influenced the rise of value for CVC when it allowed this digital coin into initial coin offerings. That is the exact time this coin first jumped from being non-existent and trading at 0$ per coin to trading at 0.3$ and experiencing at the same time the most significant rise this currency has ever had.

The price of this coin remained to rise, reaching 1.01$ per unit which was a record value for Civic coin and probably a pleasant surprise for all holders and traders. The tables turned, so CVC dropped again in the last few days of December and many are asking why. It might be the case that many CVC holders decided to sell when the price went up to its record, reaching a bit over 1$. The price could have easily dropped if this was the case.

But whatever the reason for having CVC experiencing an initial peak of its lifetime value to falling again in the last 24 hours, there isn’t much that traders and holders can do about it except for sticking to CVC and see what happens next.

Where is CVC at Right Now?

On December 30th, some digital currencies experienced another wave of value drop, which dragged in CVC as well. In the last 24 hours, CVC has dropped from 1.01$ per one coin to 0.8$ per unit, which is still as close to the most significant price this digital coin has had in the past.

CVC dropped -1.20%, which gave it the final price of 0.8$ and concluded its rocky journey for this year. What will happen next is yet to be seen, but users and traders that work with CVC surely hope that this digital coin will land on its feet and acquire a sense of stability in oppose to the current state of cryptocurrency market.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Eric Lynch via Flickr