Even during the weekend, it seems at least one cryptocurrency needs to go through a major pump phase. The flavor of the week this time around is HyperCash, a currency which is not necessarily all that prominent. It is getting on many people’s radar right now, following a spectacular 58% price increase in the past few hours. This growth is unsustainable first and foremost, but that isn’t keeping people from shilling it.
HyperCash Price Surge is Baffling
Although it was a matter of time until a cryptocurrency started to note some real gains this weekend, few people expected it to be HyperCash. This particular currency is not exactly well-known, yet it seems altcoin traders and speculators are more than happy to play around with it. Given the current HC price momentum, that is not difficult to explain either. Whether or not these gains will be sustained for more than a few hours, is a different matter.
Over the past 24 hours, there has been a 58% Hypercash price increase. This figure applies to both the USD and BTC ratio of this particular altcoin. At the time of writing, one HyperCash is valued at $1.58, or 43,337 Satoshi. Most of its trading volume seems to originate from ZB.com, a platform well-known for cryptocurrency pump and dump cycles. It is also traded on Binance, which could explain why there is such a sudden interest in this altcoin.
On social media, it seems there are some very conflicting opinions on HyperCash right now. K.i.t.t. Crypto Alerts is confident HC/BTC is massively overbought on the Binance exchange. That may certainly be true, yet it would appear the main reason for this price increase is ZB.com, rather than Binance. Even so, it will be interesting to see how this altcoin fares throughout the day, as this rate is seemingly unstable and unsustainable.
— k.i.t.t. crypto alerts (@kittalerts) January 12, 2019
Crypto Gulp sums up the HyperCash price momentum rather aptly. It is the strongest gainer in the top 100 today, although this tweet was posted when the gains were just over half of what they are at the time of writing this article. There is still a chance the HyperCash price will continue to rise, although it seems a lot of people will start taking profits sooner rather than later.
Out of the top 💯 #CryptoCurrencies, most gainer in the last 24h was… 🥁
💲 Current Price : $1.30
🚀 Increased by : 30.13%
💵 Market Cap : $56.8 million
💱 Trading Volume: $17.4 million
Check it out 👇https://t.co/o7ajBM3fNU
— Crypto Gulp (@CryptoGulp) January 12, 2019
When looking at the actual HyperCash price chart, it would seem the breakout is quite insane in its own regard. There will be some resistance near the current level, though, but there is some room left for future gains as well. Rest assured this entire breakout will be negated soon enough, as there is no reason for this currency to rise in value at this time. Speculators will realize that fact soon enough.
$HC Insane breakout from this ascending triangle for #Hypercash. 20% from the buy signal from the UCTS. Insane!. (The moment when you catch the exact resistance zone, #feelsgood) Let see how it evolves in the following hours…. pic.twitter.com/gsShZ6w69A
— Nico (@CryptoNTez) January 10, 2019
Although this HyperCash price movement will get some people excited, chasing the top is never a good idea. Cryptocurrencies are volatile by nature and this most recent price spike will only result in even more value fluctuations throughout the weekend. Whether or not that is a good thing for HyperCash, remains to be determined. Building up a reputation due to pump-and-dump cycles can affect the future potential of a project in a rather negative way.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.