While the cryptocurrency world is not immune to pump-and-dump schemes, it is evident some currencies tend to go up in value for no apparent reason. As of right now, the Bitcoin Private price is getting a massive pump, even though the currency has no real purpose as of right now. With a value of $31.37. it remains to be seen how high the BTCP price can go in the coming hours and days.
It is good to see all of the top cryptocurrencies not some big gains in the past 24 hours. Although there is still a fair of bearish momentum in the market as well, things are certainly looking rather promising as of right now. Even the Bitcoin Private price is getting a hefty pump for no good reason, albeit every dog has its day, even in the cryptocurrency industry.
To put all of this into the proper perspective, the Bitcoin Private price has surged by 92.9% in the past 24 hours. Such gains are very spectacular and also a clear indication as to how this altcoin has no natural or organic growth whatsoever. Bitcoin private also gained 79.4% over Bitcoin, which only further confirms this pump will turn into a massive dump pretty soon. When that happens, we will see the Bitcoin Private price return to its normal level of $17 and potentially lower.
It is unclear what is driving this sudden interest in Bitcoin Private, as this hard forked currency has no real use cases other than speculation. Although most people would argue that goes for all cryptocurrencies, there are a few reasons why people treat Bitcoin as a currency rather than just an investment vehicle. With Bitcoin Private, that story is completely different as of right now.
The current BTCP trading volume of $1.525m is quite abysmal, although it is mainly determined by people trying to get in on the pump action before the sentiment reverses course. FOMO is a very real trend in the cryptocurrency world, and it seems Bitcoin Private is the go-to pump as of right now. Tomorrow it will probably be a different coin, as the Bitcoin Private price action grinds to a halt.
Trade Satoshi is the largest exchange for Bitcoin private trading, alongside with Nanex. Neither of these platforms is well known, although Nanex is a platform designed for the Nano community. That makes it rather appealing for obvious reasons, although trading nano for BTCP may not necessarily be the smartest move as of right now. Exrates completes the top three, albeit its volume is 1.42% as of right now. This pump will quickly run out of steam, that much everyone can see.
With no fiat currency pairs in the top 5 for Bitcoin private, it is evident this momentum cannot be sustained. It doesn’t take all that much trading volume to crash this entire green candle on the charts and put BTCP back in its rightful place. How all of this will plan out in the coming hours and days, remains to be determined, but Bitcoin Private is not the currency to speculate on now, or in the future.
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