The advent of bitcoin cash brought the fashion of forked coin to the forefront. While BCH has flourished in acquiring traction, on exchanges and the real world, the stragglers have a scuffle. There is not much evidence to prove that the bitcoin gold and diamonds are utilized for anything other than supposition. That supposition can see forked coins jump to insane highs, as suggested by the past events.
Bitcoin Diamond experiences a rough patch
The people dealing with bitcoin carry a difference of opinion when it comes to forks. Some of these community members see these airdropped coins, given to existing bitcoin possessors, as an egalitarian dispensation strategy, that builds a quick user base and dynamic community. Others were not sure and raised questions as per the motives existing behind these projects and the scarcity of infrastructure support.
The BTC rate of Bitcoin Diamond existed at 10.1 at the time of its release around November. Within few days of its launch, the forked coin resolved into a price range around the $30 mark, and with important exchanges like Bitfinex and Bittrex denying touching it, diamond appeared destined to remain to weaken in the despondency. But, as far as trading stakes are concerned- or popularly the pump and dump stakes- each coin has its day and Saturday belonged to BCD’s.
Within few minutes, the coin was seen to be multiplying 40X on Kucoin, projecting it over $800 and leading it to create the largest green candles ever seen on an exchange. The projection leads to Kucoin issuing a warning to customers to invest rationally and manage their investment diligently. The statement read “Today Bitcoin Diamond had a huge spike on Kucoin, we just want to remind all our users and people investing in cryptocurrency to invest rationally and manage your investments with control”.
Dark of the lengthy Forks
The evening of Friday 12th January, began traders going long on various bitcoin forks that have been built in recent months. Probably, the action seemed to emerge from the Asian Markets, before influencing on all global exchanges that were in favor of the coins. Because of the lower price of many of these coins- for example, bitcoin file costs $0.2, combined with low trading volumes, arranging push is relatively simple.
However, for people who FOMOs hard and heap into these advancing green candles, there is a greater risk of failure. The meteoric movement associated with BCD was surely an arranged P&D. With many traders not aware of the pump and dump metrics taking place, will need to sell orders placed for bitcoin diamond. After the scheme contributed, consuming through the resistance was a doodle.
The major portion of the forked coins had some genuine use cases, but the happening of the past 24hrs may attract traders to fix and forget their airdropped coins following today. Given the limited amount to be formed from trading these coins at their typical price, it makes greater sense to fix an impossible high sell order, just in case the extraordinary happens.