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The evolution of Primecoin
Primecoin, entered the market in 2013. It brought to the table proof-of-work based on prime numbers, which is different from how bitcoin operates.
Primecoin saw its price spike from $0.263376 to a high of $1.85 in just a week, according to data on CoinMarketCap, but then the prices started diminishing over time.
Let’s go into detail and analyse how Primecoin has grown since its inception.
Historical pricing of Primecoin
On 11 July, 2013, Primecoin was trading at around $0.26 with a market capitalisation of $51,274. A week later, on 18 July, the coin surpassed the $1 milestone with a market cap of $714,201.
The prices then began to fall before a major spike was recorded in November 2013. November was the best month ever for the cryptocurrency as the prices went as high as $7.57. Since then, Primecoin’s prices gradually dropped to less than $1 up to 2017. Primecoin’s price began to increase in 2018 and on 6 Jan 2018, Primecoin’s price was trading at $1.49.
It’s difficult to know just how much Primecoin will be worth in the coming days or in the long-term. Some analysts believe that the party for this coin is not over yet, while others say that its growth can only be on a limited scale.
What to consider before buying Primecoin?
One thing you will need to consider is Primecoin’s market volatility, which has resulted in its price dropping. Its price hit a high of 1.58 on 7 January, 2018, but it has gone down since then, threatening to plunge below the $1 mark.
Another consideration is Primecoin’s aim to solve the scalability issues that affect bitcoin. To do this, it uses a distinct form of proof-of-work that is based on prime numbers, making its network energy-multiuse.
What distinguishes Primecoin from other cryptocurrencies
Primecoin is founded on a proof-of-work system that is based on prime numbers. It’s derived from bitcoin and secured by cryptography. It’s aim is to sustain a prosperous mining market with a high level of security.
Although Primecoin was derived from Satoshi’s bitcoin, it has a number of features that make it distinct.
- Primecoin doesn’t have a predefined maximum number of coins. Unlike other cryptocurrencies such as bitcoin, which has a maximum predefined number of 21 million coins, Primecoin doesn’t have a limit on the number of coins that will be released.
- Fast transaction confirmation. Since Primecoin blocks are produced 8 to 10 times faster compared to bitcoin, its transactions tend to be much quicker.
- Scarcity is governed. Other cryptocurrencies determine their scarcity by a set of predefined values within their source code.
Primecoin offers the market a new innovation that’s different from bitcoin and other cryptocurrencies. But the question is, will its prices have a better run in the future or will they continue plunging? Some analysts claim that there’s still hope for the coin to grow, but on a limited scale. Others are not that optimistic about buying Primecoin for the long-term, especially now that the prices are threatening to go below the one dollar mark.
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