As of March 4th Auroracoin had overtaken Litecoin as the second most valued cryptocurrency behind Bitcoin. Litecoin long held the second place behind the ever-strong Bitcoin, but for now its market cap is less than half of that of Auroracoin.
Litecoin is currently valued around $422 million while Auroracoin soared at an impressive $1 billion for about 24 hours before a steep drop off occurred. Auroracoin lost more than 40% within the last 24 hours and currently sits at a $440 million market cap, just a tad above Litecoin.
The crypocurrency market fluctuates heavily and it’s hard to predict any future growth or depreciation with accuracy. Auroracoin fills an interesting niche in the online coin market place as its undergoing major changes on March 25th.
On March 25th half of Auroracoin’s total coins will be distributed among the Icelandic population. The 320,000 inhabitants will all receive 31.8 Auroracoin in an attempt to show the country that a better financial system is possible. In 2008 the banking sector collapsed on Iceland and this could prove to be a serious contender to be function as a replacement.
When all Icelanders receive their coins, and they would choose to accept such as payment in shops and as investments it could make for a serious shift in the usage of cryptocurrencies in daily life.