In a battle reminiscent of a UFC title fight, today Auroracoin took a left to the chin and tumbled to the canvas losing over half its value.
Why the price has fallen so hard and so fast, is a topic being hotly debated over at Bitcointalk.org with some blaming price manipulation, others saying multipools killed the coin by raising mining difficulty then leaving, while still others insist it’s a matter of basic profit taking. A member using the name Acrobat characterized the situation this way:
AUR is dead for now, profit switching multipools like Wafflepool raped and killed it yesterday. The difficulty is so high that it takes ages for new blocks to be found by miners. Because of this and dropping prices dedicated miners stopped mining and moved on.
Yesterday, Auroracoin had achieved the unprecedented accomplishment of dethroning Litecoin from its second-place spot behind Bitcoin. But for now it seems the order of the altcoin kingdom has been restored as the Icelandic currency has tumbled into the wintery ice.
At last check Auroracoin was down 51% at $34.97 per coin on medium trading according to Coinmarketcap.com.
Listen to a special audio version of this story here: http://youtu.be/ezyBMujygXU