Qtum Pumps 37% on Apple, Samsung Pay News: QTUM Volume Nears $2 Billion

The Qtum price surged to the tune of 37% on Thursday as news broke regarding its imminent acceptance with Apple Pay and Samsung Pay vendors.

While the 27th ranked cryptocurrency hasn’t entered into a partnership with either of the two global firms mentioned above, its native QTUM coin was today added to the Zeux mobile payment app.

Qtum’s Reminder of the Power of the Announcement

You scroll through the social media channels looking for a comment, a rumour, a sign – anything to give you an edge. You stop scrolling. You’ve found it!

‘QTUM Added to Zeux Mobile App – Spend QTUM Anywhere That Accepts Apple or Samsung Pay!’

Nobody saw this coming, you think to yourself. But before you go through the rigmarole of loading up Binance and finding your phone so that you can input your authentication code, you decide to check CoinMarketCap, just to be sure.

QTUM Pumps on Apple/Samsung Pay News

That’s when you see it – Qtum is already up 37% in the last fifty-five minutes. You go back to the press release where you saw Qtum’s name written beside Apple and Samsung and you check the date.

Yip, it was definitely released today – just this afternoon actually. Surely not that many people could have got there before you? The tweet was only circulating for five minutes when you came across it, but you’re so late to the party that the coin price is already on its way back down by the time you get there.

Back to Reality

I include this little episode just to remind readers that despite the best technical and fundamental readings, sometimes you’re just going to be left at the back of the pack when an altcoin runs away like this.

The official Qtum twitter feed posted the news at around 14:00 (UTC) Thursday. According to CoinMarketCap, the pump was initiated at around 13:39, or twenty minutes before. If you’re new to the space, you might conclude that insider trading was afoot. If you’ve been in the space a long time, you’re probably cynical enough to to conclude that insider trading was afoot.

QTUM Price – QTUM/BTC

From the daily low of $2.15, the value of QTUM jumped to $2.96 within the space of fifty-five minutes. That’s 37% gains in under an hour, and was accompanied by the highest daily trade volume since the altcoin pump of January 2018, as QTUM volume crossed $1.9 billion.

Over 80% of trades came through just one exchange – LBank, which might raise some eyebrows. Some reliable historical data would be useful at this point just to compare how much LBank was processing prior to today’s pump.

Qtum volume averaged around $250 million a day for the last calendar month – a volume elevated far above altcoins in and around its market cap.

Chief Information Officer at the Qtum Foundation, Miguel Palencia, said:

“We’re excited that Zeux has added QTUM to its app. This adds a tremendous amount of additional utility for our valued community who can now use QTUM for all point-of-sale payments with merchants that accept Apple Pay, and Samsung Pay. Zeux has created a seamless way for people to use crypto in their day-to-day lives without the friction of choosing from a select group of merchants who accept crypto directly.”

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.