Most altcoins tend to ride Bitcoins coattails a bit when the world’s leading cryptocurrency rises in value. This concept also applies to most currencies which “forked” off Bitcoin in the past few months. The Bitcoin Private price, for example, is trying to surge but still fails to gain any real traction. Despite the neglectable trading volume, the Bitcoin Private price is going through solid upward momentum.
Even though some people are convinced Bitcoin Private is the superior version of Bitcoin on the market today, most people consider it as just another altcoin which will eventually lose momentum and be all but forgotten about. Whether or not that means the Bitcoin Private price will see a massive correction in the future, remains to be determined. As of right now, the BTCP value is rising quite sharply for no apparent reason.
More specifically, we have seen the Bitcoin Private price rise from $24 to $43 in the span of seven days. Although most other cryptocurrencies noted similar gains percentage-wise, there is no apparent reason for Bitcoin Private to go up in value. It is a currency with nearly no trading volume, unique features, or purpose, just like 90% of the altcoins. As such, it is evident this currency is riding the coattails of Bitcoin first and foremost.
Even so, the Bitcoin Private price managed to increase by 21.26% over the past 24 hours. An impressive gain, even if it is entirely based on market manipulation. This upward trend is also made possible thanks to BTCP gaining 14.97% over Bitcoin itself. We have seen most altcoins go through a similar trend this past week, thus it is somewhat normal BTCP follow that example.
What is rather abnormal, however, is how the Bitcoin Private price has gained so much value with virtually no trading volume. It is a tell-tale sign of market manipulation, as virtually no one is seemingly interested in buying or selling BTCP as of right now. Over the past 24 hours, this altcoin noted just $1.2m in trading volume, which is absolutely atrocious for a currency with a market cap of nearly $800m.
It seems Trade Satoshi is the go-to place when it comes to trading Bitcoin private, along with Nanex. Both of these trading platforms combined represent nearly 87% of all trades, even though it is unclear why anyone would buy BTCP at this current price. Manipulating smaller exchanges is a lot easier than ensuring Bitcoin Private gains any real traction.
How all of this will play out for the Bitcoin Private price in the long run, remains unclear at this stage. While no one will deny this uptrend is quite impressive, all of the other contributing factors paint a rather worrisome picture. It seems to be a matter of time until the Bitcoin private price returns to more normal levels, and a dip to $25 or lower is not out of the question by any means.
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