There is never a boring day in the world of cryptocurrency. A new project shows up every single day and can be successful for a brief period of time. In the case of Bitcoiin, it shouldn’t be confused with Bitcoin. This clone project is currently turning very bullish, resulting in a Bitcoiin price of over $1. A remarkable development, for many different reasons.
Bitcoiin Price Pumps Incredibly Hard
It is not uncommon for altcoins and unknown projects to have their value pumped by market makers. Up until now, very few people had even heard about Bitcoiin. It turns out this project is indeed real and currently in the cryptocurrency market cap top 75. That in itself is a very surprising development, especially when considering how it only recently entered the market.
Over the past 24 hours, the Bitcoiin price has risen by over 280% in both USD and Bitcoin value alike. That in itself further confirms this is a massive pump first and foremost, primarily because all of this is happening with just $2.77m in trading volume. With its market cap now surpassing $54.3m, Bitcoiin effectively is ranked $63 by market cap. For a currency only listed on Exrates, DigiFinex, and other minor exchanges, this trend is quite intriguing.
On social media, it quickly becomes evident this Bitcoiin pump might not necessarily remain in place for much longer. More specifically, the sharp rise in value is reminiscent of what is happening to Vexanium and Fire Lotto, which are two other crypto projects without clear and concise use cases to improve upon the current level of mass adoption.
📈 Top 3 rising assets (24H) 📈
— The Crypto App (@TheCryptoApp) February 5, 2019
Quickly entering the crypto market cap top 100 like this is a clear sign the price isn’t rising naturally. While the team confirms there are major partnerships being formed and mobile wallets to be released, it remains to be seen if they can effectively deliver on that promise at any given time. Making empty promises is pretty easy, especially in the cryptocurrency world.
RT @bitcoiin2gen: B2G has entered CoinMarketCap's top 100 coins! We have secured partnerships with some of the biggest exchanges, payment processors and mobile wallets which will be announced in the following days. Next stop – top 50!#b2g #bitcoin #ethe… pic.twitter.com/dNqIFTD2dO
— LUCKYCOINS (@luckycoins_io) February 5, 2019
Speaking of which, it would appear Bitcoiin will be making its way to another top 10 exchange “very soon”. Which exchange that will be or why any top exchange would even list this project, remains unclear at this time. For now, it is best not to chase the top where this altcoin is concerned, as that will only cause potential financial issues moving forward.
— Bitcoiin2Gen (@bitcoiin2gen) February 3, 2019
When looking at the bigger picture, it quickly becomes evident Bitcoiin will see a major correction in the very near future. How all of this will pan out for anyone who effectively invested in this project, remains to be determined. There is a very genuine chance the price will crash down pretty hard in the coming hours and days. When that happens, Bitcoiin will drop out of the market cap top 100a gain pretty quickly.
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.