BitTube Swings Wildly – Up 87% in 24 Hours
In the space of two hours this morning, the value of BitTube’s TUBE coin jumped 200% to a price of $0.45, before plunging back down again to the tune of around 35%.
That leaves TUBE coins at a price of $0.279 against the dollar – still a near 100% increase on this morning’s starting price of $0.148.
This morning’s peak of $0.45 is the highest value TUBE coins have ever reached, and marks a near 13% increase on BitTube’s previous high-point of $0.40 which came towards the end of April.
BitTube launched in January of 2018, but didn’t start to register a market cap rank until March 16th.
The general trend since then has been upwards, but not without some serious crashes. In the last few months alone BitTube’s chart shows a consecutive series of four peaks where TUBE’s value doubled, followed by the same number of troughs which saw its value halve again.
It has been tumultuous, but ultimately profitable times for BitTube, and by this point their fortunes usually start to dip downwards again, but today’s activity points to a strong positive rebound following its spike then crash this morning.
The vast majority of TUBE’s trading activity can be found on Upbit and Bittrex – each responsible for around 47% the trades with their TUBE/BTC pairs.
The daily trade volume crossed the $10 million mark today. This represents a spectacular increase from its starting position of $19,000 this morning – equating to a 50,000% boost to trading volumes.
Unnatural, or the Growth of a Platform?
The sheer rate of growth in the last day is sure to set alarm bells ringing, but does the No. 404 ranked coin in terms of market cap actually have something to offer?
Well, it’s possible when you look at their business model. BitTube targets the online streaming market and comes with the unique tag of being run via blockchain.
Instead of earning rewards for your content from advertising, like YoutTube, BitTube rewards views with a portion of their mined TUBE coins.
In this sense, the amount of views your videos garner acts as a marker for the amount of value you’ve contributed to the mining process.
According to the success or lack thereof of the BitTube platform, the value of TUBE coins will fluctuate. Like most blockchain apps, the success of the coin itself will depend upon the popularity of the platform.
The opposite is also true, and a strong trading day for TUBE may very well send a new hoard of users to the BitTube website – which will then benefit the system once again.
BitTube’s hectic behaviour in recent months may fit in with monthly marketing trends, or may simply represent the growing numbers of users hitting the platform.
The media presence for BitTube has been relatively low-key. Their platform launched without an ICO, and no pre-mining took place.
The video streaming platform started life as IPBC (Interplanetary Broadcast Coin) before a rebrand in early 2018 saw it change to BitTube.
Featured image courtesy of Shutterstock.