Every day needs a good cryptocurrency pump to keep traders on their toes. Today, the pump comes in the form of Bitcoin Diamond, a copycat of Bitcoin with hardly any worthwhile unique features at this time. Even so, the current price cannot be ignored, regardless of the reasoning behind it.
Bitcoin Diamond Pump is Surprising
Ever since Bitcoin Diamond was released initially, there have been a lot of questions as to whether or not this project has a future ahead. So far, that question is still not possible to answer, even though its market can lead to some quick gains and losses for those taking a speculative stab at it.
Over the past 24 hours, the Bitcoin Diamond price has risen by over 18%. There is no developmental update to warrant such a price increase, even though the currency is getting added to a new exchange fairly soon. For altcoins with nothing setting them apart, exchange listings are the main reasons for price gains, albeit that momentum will peter out pretty quickly.
Speaking of a new exchange listing, it would appear A South Korean exchange is in the process of enabling BCD trading tomorrow. Some sources indicate that will be Bithumb, which comes as a rather big surprise. Albeit the exchange is known for pump-and-dump cycles of altcoins, adding Bitcoin Diamond is still pretty controversial first and foremost.
— TÜRK BOND (@AskeriBaskanin) October 23, 2018
There are those who are quite pleased with the current Bitcoin Diamond price momentum, for obvious reasons. Bitcoin Intrinsic seems to indicate further gains are looming on the horizon, albeit no one knows where this pump will end this time around. Buying at the top is asking for quick losses, though.
— Bitcoin Intrinsic (@BitcoinTrinsic) October 23, 2018
Kripto Mutaahiti has a rather interesting view on the matter. Although this user seems to think BCD will hit $340 sometime soon, that is rather unlikely, for obvious reasons. A value of $3.40 wouldn’t be out of the question. Reaching 34,000 Satoshi could also work out quite well, but anything higher than that will remain out of reach.
— Kripto Mutaahiti (@sultantwithan) October 23, 2018
Current indicators show the Bitcoin Diamond price will retrace fairly soon. There isn’t any real trading volume to sustain this uptrend for long. Most of the added trading volume at this point will result in people liquidating BCD for gains. As such, things should return to normal fairly soon.