When the world’s leading cryptocurrency starts to note respectable gains, it is usually a matter of time until altcoins do the same. This week has been no different in that regard, albeit some interesting trends have become apparent. Four different Bitcoin “clones” have noticed very strong gains this week, for no apparent reason whatsoever.
The name “Bitcoin” rings a bell with most people on this planet right now As such, there are a ton of coins which try to ride Bitcoin’s coattails in terms of branding and appeal. Bitcoin Zero might not necessarily get to that level in the future, as its $92,000 market cap is on the low side of the spectrum. Even the name sounds like a knock-off of the original.
Over the past seven days, this token managed to gain over 310% in value, making it one of the strongest risers this week. Although all of this has happened with nearly no trading volume whatsoever, it seems at least one or two traders are happy with the way things are going. By next week, this pump will probably have run out of steam, just like Bitcoin2’s surge did.
To this date, it is still unclear why Bitcoin Core was created exactly. It is the name of the main Bitcoin branch of development, but dedicating a separate token to this name seems a step backward. This would also explain why the project has nearly no market cap to speak of, despite having a value of $0.4 per BTCC.
With just $430 in trading volume today, this altcoin managed to keep its week-long streak of gains intact. Bitcoin Core gained 211% in quick succession, which is another great example of a pump waiting to run out of steam. It is evident there is no real demand for this token right now, which is anything but surprising. Mimicking Bitcoin will only get a project so far, after all.
One has to commend altcoin developers for trying to come up with new Bitcoin clone names. In the case of Bitcoin Planet, there isn’t much to get excited about. Despite a 202% gain in the past week, it still has a market cap of just $8.136. It is one of the lowest-valued Bitcoin clones on the market today, albeit that won’t come as too big of a surprise to most.
Another one of the Bitcoin clones which does not appear to serve any specific purpose at this time. Having Bitcoin in the name allowed it to gain just over 191% in value this week, but it seems that is where the fun will end. BitcoinGenX is another coin with a very low market cap, despite each coin being valued at $0.225. One has to wonder who would pay so much money for a token they can’t really use anywhere.
Some cryptocurrency enthusiasts can only hope the number of Bitcoin clones will diminish over time. Right now, that seems unlikely, as Bitcoin Token has a market cap of just over $158,000. It too noted very strong gains this week, as the value surged by 164% despite having no notable trading volume to speak of. It remains a mystery as to why so many ERC-20 tokens have Bitcoin in their name.
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 or digital currency.
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