Bitcoin Private, the much-hyped cryptocurrency that emerged only last month has taken the crypto markets by storm. The meta-currency was created after a fork of ZClassic and registered staggering growth which outpaced most crypto coins since the bull markets resumed. The price of the currency has gone over $31.37 for no apparent reason suggesting the reason behind the rise. Experts are suggesting that this is the beginning of a massive pump and dump scheme. As of now, it is one of the top 40 currencies by market capitalization.
Through bulls are seemingly returning to the market, the bearish momentum hasn’t completely waned. In these conditions, the Bitcoin Private prices have increased by 92.9% in just 24 hours. The coin also gained 79.4% over bitcoin, which is a spectacular market performance in its own right. The current volume of the coin is 1.525 million. Though this is quite low, it is likely that the number will increase, thanks to the rising prices of the coin.
Bitcoin Private is also not a commonly traded coin. It is currently being offered at Nanex, Trade Satoshi, Octaex, and Exrates. However, none of these exchanges are well known and do not boast of high volumes either. Binance and HitBTC are considering about an addition, but they have not released any final statements yet. The currency doesn’t even have a top 5 fiat pair as of now, which is creating doubts about the sustenance of this trend in the market. However, if it continues, then BTCP will overtake Bitcoin Gold, another bitcoin fork, to become the 28th most valuable crypto.
Bitcoin Private or BTCP is a unique coin, as it is a fork or a fork. ZClassic emerged after a fork of the original bitcoin blockchain. Bitcoin Private is a fork of this fork, which makes it even more interesting. Another unique thing about the currency is that it is a ‘fork merge.’ It uses both ZClassic and Bitcoin in the networking, mending the gaps between the two.
This open-source, peer-to-peer currency doesn’t have any legit use cases and came into being only last month. It uses the Equihash algorithm and is completely ASIC resistant. Moreover, it is more miner-friendly as well. Currently, 20 engineers and 70 other contributors are working on this project. The block time and totally supply of the coins. i.e., 2.5 minutes and 21 million respectively.
Some experts suggest that a negligible track record and lack of use cases does not support the meteoric rise in this currency’s price. It is highly likely that BTCP is the latest pump and dump scheme in the market. As per some estimates, after the pump is over, the prices could come crashing down to $17 or even below. At the moment, the rush to grab this currency is increasing. In exchanges like Nanex, which is designed for the Nano community, this kind of trade is gaining popularity because of FOMO.
It will be interesting to see if the surge is because of faith in the network or simply because of a pump and dump scheme.