Komodo Price Jumps 10% In One Hour: BTC Buyers Sweep Up
Komodo (KMD) experienced a sudden market surge starting Sunday afternoon which resulted in a 10% price hike in under sixty minutes. The dominance of KMD/BTC trades on Binance suggests that Bitcoin buyers still see value in KMD, but for how long?
Komodo One Hour Surge
Starting at 16:19 UTC on Tuesday afternoon, KMD’s trade volumes suddenly doubled, and resulted in an upwards kick as Bitcoin holders started to buy back in. By 17:04 UTC, the coin had surged 10% – from a value of $1.34 to a valuation of $1.48.
Daily volumes had cooled overnight, down to $456,000 from yesterday’s sum of $1.2 million. This afternoon trades returned en masse, climbing to $1.1 million at the time of writing.
Binance trades have been responsible for more than one coin surge today, and KMD is one of them. Over 70% of trades have come from Binance, with KMD/BTC the most popular at 66%. The coin price has reached as high as $1.50 on Binance, with some of the smaller exchanges reporting $1.51 as a result of KMD/BTC trades.
Today’s movements have been typical of KMD’s performance over the week, and this is the third time the coin has breached the $1.40 mark. On those previous two occasions the surge was greeted with a subsequent dip, suggesting traders are still bearishly trying to squeeze as much value out of the coin as possible.
The smart money says we’ll probably see the same pattern again, but at what price will the sell-off resume? On the last two occasions in the week the coin hit $1.45 and $1.44 before dipping, but those numbers are also dictated by larger forces than the typical KMD day trader.
In the meantime, however, KMD is bucking the trend on a day when some of the more prominent altcoins have floundered. Ethereum in particular is down close to 2% on a day when Bitcoin is on the up. Bitcoin Cash has begun to suffer for its extravagances after recording huge recent gains.
As covered here recently, Komodo was recently added to the Get Cred platform which duly rolled out a 2-for-1 offer on KMD tokens for new sign-ups to the site. Meanwhile, the scheduled hardfork of the Komodo blockchain is expected to take place on September 4th.
Major hardforks of the Ethereum blockchain are often met with accompanying coin surges, but rarely do they sustain. Perhaps expecting Komodo’s coin price to sustain its current growth after the hardfork hits is a tad too optimistic.
The general feeling seems to be that the power of the big announcement has been weakened in the bear market, but it might be worth keeping an eye on Komodo over the next couple of days anyway.
Featured image courtesy of Shutterstock.