It is evident this current overarching crypto market momentum is not necessarily all that promising. Most of the bearish pressure has been averted, yet the current gains are fragile in nature. One notable exception comes in the form of the Qtum price, which is seemingly surging. Its overall trading volume of over $1.9bn makes zero sense to most traders, though, which could prove to be interesting to keep an eye on.
Qtum Price Pumps Very Hard
In the cryptocurrency world, it is not uncommon to see altcoins go through a hearty pump-and-dump cycle. Some traders refer to these trends as “altcoin season”, although most users know better than that. In the case of Qtum, it seems there is a plain pump going on right now, primarily made possible thanks to a ludicrous amount of trading volume.
Over the past 24 hours, there has been a 16% Qtum price increase. This trend is visible across both the USD and BTC markets, which paints a rather interesting picture. Because of this most recent and unexpected gain, one QTUM is now valued at $2.71, or 69,048 Satoshi. A very intriguing trend, especially at this time in history. Sustaining it will be rather complicated.
On social media, there isn’t anything spectacular to talk about when it comes to Qtum. A new potential partnership with Zeux could lead to some interesting mobile payment development. However, it is also worth noting Qtum is available for trading on OnePageX, a crypto exchange very few people seem to be using today. It may note a slightly higher trading volume today, assuming this pump will continue for a little while longer.
— OnePageX.com (@OnePageExchange) March 14, 2019
The main concern right now is the overall Qtum trading volume, which makes no sense. Over $1.9bn in volume for a market cap of $250m is virtually impossible without fake volume or wash trading. In the case of Qtum, the volume mainly stems forth from LBank’s BTC market, which seems to confirm the wash trading angle could certainly be in play.
Can someone please explain to me how does #QTUM have a daily volume of over $1.8 billion with a marketcap of only $241 million?
— Crypto Is The Future of Money (@thethinker68) March 14, 2019
Regardless of why the price is going up, some traders are making good money because of this pump. Theomega is one of those people who noted a 30% increase in holdings. It is unclear if this user prefers to convert to USDT or Bitcoin, albeit it doesn’t really matter in the end. Such strong gains will be cashed out for profits pretty quickly, as holding the bag would be counterproductive.
— theomega🍖 (@theomega_) March 14, 2019
All things considered, it would appear this Qtum pump will run out of steam at some point. A violent retrace is not out of the question, as a drop below $.25 would return the price to a more normal and manageable level. When that will happen exactly, remains to be determined. Anything is possible under these circumstances, but for now, the pressure is building slowly.
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.