This week has seen some gains by Bitcoin, quickly hit the $8000 mark, with most other altcoins in the red averaging around 2 to 5% down in price. The obscure bitcoin fork known as Bitcoin Diamond is down a whopping 51% today in what is most likely the fallout of a pump and dump.
The Optimistic Bitcoin
Once again bitcoin is bucking the trend in today’s song prices the market and is continuing its slow and steady climb and return to glory. Today it broke the Break the $8000 barrier as market sentiment appears to continue being positive. At this rate of of growth, we could be seeing a return to an $9000+ bitcoin before the end of the month.
Clear divergence between Bitcoin and the alts… pic.twitter.com/L7Kpx0Pedm
— Mati Greenspan (@MatiGreenspan) July 23, 2018
But will this trend continue, or is this just a fluke? Further, are we seeing new money enter cryptocurrency, or are we simply seeing funds move from altcoins and into bitcoin as a kind of safe haven?
According to some analysts, we could be entering into a relief phase. Roughly speaking, the January pump was the euphoria moment which then slipped into the $5800 range which was our despair point. After a couple bumps up and down, we could finally be seeing a return to form as we step into a hopeful or even optimistic phase.
It’s also possible that we could see the cycle continue and enter a new euphoria phase.
Bitcoin Diamond has been performing pretty poorly since it launched last year. The fork which promised privacy and faster transactions has so far failed to gain much upward momentum. Prices have been locked at the sub three dollar range for quite some time.
The last few days something odd happened and a vertical line appeared on the price charts launching prices up towards five dollars each. This was followed by another vertical line today except that it is in the opposite direction. This kind of movement seems far too coordinated to be anything else but a pump and dump finishing its cycle.
Today, Bitcoin Diamond prices have returned to their average of sub three dollars and it appears that anyone who sold at the apex of the pump made themselves a hefty profit. The charts reveal what also could be a first, shorter test pump followed by the most recent one.
Unfortunately we don’t have any hard data to prove this most recent activity or the one before it is a pump and dump, but the movements are so textbook that it’s unlikely that it was anything else.
Bitcoin Private Takes a Private Jet
Another bitcoin fork, this one heavily endorsed by future presidential candidate John McAfee, seems to be fighting the downward altcoin trend. Bitcoin Private is up over 21% at press time, meaning that BTCP prices are sitting at around $8.67 each, from a recent price of the upper $7.50s which is itself higher than $7 or so where the asset sat for quite some time.
It’s entirely possible that recent revelations surrounding the easy of which the US government managed to track and trace bitcoin transactions could be bring more investors and those seeking privacy to privacy-centric cryptocurrencies. One popular privacy choice is also seeing activity today, with Monero up 1%. However most other privacy coins like PIVX, Dash, and Zcash are all down today.
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