Bitcoin Diamond Price Up 130% – Waiting for the Dump to Come
Bitcoin Diamond is currently in the midst of what looks like its third pump and dump this month, with BCD coins surging 130% in value over the last 48 hours.
On July 21st Bitcoin Diamond saw a sudden spike of 108% within the span of fifteen minutes, when the coin jumped from a value of $2.26 all the way up to $4.69. Since then the price fluctuated as uncertainty mounted regarding the unnatural movements, but in the last few hours has begin to climb again.
At the time of writing BCD coins are trading for $5.29, significantly more than double the original price before the pump. While this may seem like a good time for the market manipulators to dump out, they may be awaiting a higher daily volume to accrue before setting up the sell orders.
Third Time this Month
On July 7th the value of BCD coins shot up from $2.06 to $4.21 within a couple of days. Upon reaching the $4.21 the dumpers cashed out and sent the coin tumbling to a price of $2.19 within just over ten minutes. The dump took with it $3 million in daily volume within the same time frame.
As you can see, the dump took its time in coming, waiting patiently for high enough gains and market volume to accrue. But the patience paid off, because the daily volume grew by over $10 million in that time, and the coin grew in value by 104%.
A Twelve Hour Job
On July 18th another pump and dump pattern appeared on BCD’s charts, coming so fast that it probably went unnoticed by most people. In the twelve hours between 5pm and 5am the next morning, BCD coins pumped to the tune of 104% again, before dumping out again within just five minutes.
Within those five minutes $2.5 million worth of daily volume disappeared from the market statistics, and the price fell from $4.51 to $2.30. This returned BCD coins to around the same value it started with less than a day earlier.
Traders Trying to Catch the Wave?
Whenever a coin experiences this kind of unnatural movement there are almost always calls for it be removed from whatever exchange it happens to be on. This has been true for BCD for a long time now, with many calling for it to be removed from Kucoin following similar pump patterns in January.
But with three such pumps happening this month, it could very well be possible that some opportunistic traders are willing to risk their funds with BCD as long as they think they can cash out before the dump comes.
It’s a risky game to play considering the suddenness with which the dump usually hits. Expect the next one to hit very soon.
Featured image courtesy of Shutterstock.