Since the creation and launch of KiloCoin cryptocurrency in February 2014, its price has never neared $0.5. For the longest time, this alternative coin was trading for around $0.0004. It is only after the excitement brought about by Bitcoin in the later part of 2017 that this coin started enjoying some growth. For the better part of 2017, this crypto had a market cap of less than a million dollars. In fact, there was a time when the market cap was just $15,000.
Understanding KiloCoin (KLC)
KiloCoin is an open-source cryptocurrency. In the early months of 2014, KiloCoin, Inc (DAC) released the crypto on GitHub. It was a fork of the Litecoin–Qt client. The main difference between Litecoin-Qt and this crypto is that it has different hashing algorithm. KiloCoin which trades as KLC on exchanges is a peer-to-peer alternative coin which was released under the MIT/X11 license.
This cryptocurrency just like many of the cryptocurrencies released in 2017 and 2016 is not managed by any central authority. KiloCoin has 25 billion KLC set to be ever in circulation over a period of 10 years. The developers have also factored in an inflation rate of 10% per annum during the 10 years.
The performance of KiloCoin and comparison with other cryptos
KiloCoin is very identical to Litecoin. A big difference between the two is that KLC has an increased maximum number of coins. It has a modified GUI. In its proof of work algorithm, it uses scrypt technology just Litecoin. In this technology, miners cannot use SHA-256 Bitcoin mining equipment. It further means that the FPGA and ASIC devices used for mining are a bit complex to create. When you compare this coin with coins such as Ethereum, Bitcoin and Ripple, KLC has a fast initial coin production.
In August 2017, KiloCoin was trading at $0.000317 while its market cap was in the range of $57,000. In the past three months, everything has changed for the better. This can be attributed to the ripple effect of the good performance of Bitcoin. In December 26th, the coin reached a price of $0.022 and a market cap of over $4.4 million. The price has since surged to reach $0.29 and a market cap of $9 million.
How does 2018 look like for KLC?
KiloCoin is certainly one of the less known crypto coins in the market. However, after its rising price and market cap in the past few months, more crypto enthusiasts are willing to trade it. There have been several changes in the crypto market lately such as the entry of CBOE and CME. These changes together with the performance of Bitcoin and other major cryptos will influence how KLC will do. However, it seems that KLC has already had some grip of its own and 2018 might just be the year when it finally prospered.
Should you trade in KLC cryptocurrency?
Cryptocurrency has some very enthusiastic fans. On the other hand, there are renowned business moguls and governments and banks that advice against getting anywhere near crypto. Currently, KiloCoin is on a bullish streak. It seems like a crypto with potential even though it is advisable to read the mood of the whole cryptocurrency market.