Bitcoin Diamond Skyrockets 256% amid Market Freefall
Bitcoin Diamond’s (BCD) token price skyrocketed by 256% yesterday, despite the fact that the rest of the cryptocurrency markets were in the middle of a massive freefall. Yesterday’s pump is now being attributed to the world’s number 23 cryptocurrency (by market capitalization) being listed on Binance.
BCD Price Pump
While the rest of the cryptocurrency market went through a sudden price drop, with Bitcoin dropping more than 5% in less than an hour, and the rest of the crypto market followed. Ethereum’s price plunged by over 12% in the same time period, as did the price of Ripple and Bitcoin Cash.
Interestingly enough, while the rest of the market was going through this rout, the trading volumes of BCD shot up from $917 thousand to $136 million, a humungous 14,730% jump – all in the space of 5 hours. The price of the token also soared in that time from $1.31 to $4.64 – a 256% hike.
Once the price of BCD reached $4.64, there was a sharp sell-off, which pulled the crypto’s price down to a more reasonable $2.83. Then the crypto’s price rose once again to reach $3.26, before showing a steady decline. At the time of writing, the price of BCD is at $2.64, which is a 4.38% gain to its price before its meteoric rise yesterday.
Possible Reasons for BCD Price Skyrocketing
According to market experts, the reason for this spike was that Binance just re-opened withdrawals and deposits for BCD. The fact that Binance has added BCD to its listing has come as a surprise.
The only thing that BCD has actually been in the news about in recent times has been its trend of pumps and dumps. In fact, the cryptocurrency has seen 3 such price jumps and drops in the last 2 months alone. Thus, no one was expecting this little talked about cryptocurrency to be added to one of the world’s biggest trading platforms.
BCD is still under development as a cryptocurrency and details of its progress can be found on the project’s website. However, many had assumed that this project too had been abandoned, just like the other Bitcoin fork recently surged – and then died.
The reaction on social media has been mixed, with some celebrating Bitcoin Diamond’s addition to Binance. However, the larger online community is wondering why such an obscure cryptocurrency has been listed on Binance.
Interestingly enough, BCD withdrawals seem to have been suspended on Binance just a few hours after trading started on their token. Speculation is that this was done in response to a possible artificially induced price pump.