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Bitcoin Diamond surges after HitBTC listing, traders decry ‘pump and dump’ activity

Bitcoin Diamond has endured three major price movements in July – with some traders attributing the advent to ‘pump and dump’ tactics.

Written by Bryan Smith Published on

Traders keeping an eagle eye on Bitcoin Diamond might have noticed a rollercoaster ride of epic proportions this week, as the Bitcoin fork rallied, collapsed, and rallied again to over 50% of its value.

Bitcoin Diamond debuted as a Bitcoin hard fork on November 24th of 2017, and landed with “sophisticated” privacy protection measures, as well as the aim of deliveirng lower transaction fees and faster transaction times.

Bitcoin Diamond achieved an early high of $91.14 USD in November 25th of 2017, but has since collapsed to levels in and around just $2 USD.

Today it would seem that the cryptocurrency endures as little more than a vehicle for speculative trading; data from CoinMarketCap reveals that Bitcoin Diamond has thus far enjoyed a three distinct moves this month; the first, which occurred on Saturday the 7th of July, saw the cryptocurrency rise from $2.04 to $4.10 USD and subsequently collapse to $2.09 USD on Monday the 9th of July.

bitcoin diamond price

Bitcoin Diamond later surged from as little as $2.21 USD to $3.85 USD in the period of one hour, from Wednesday July 18th at 17:09 (UTC) to 18:09.

Following news that Bitcoin Diamond had successfully listed on HitBTC, the cryptocurrency then further rose to $4.39 USD at 05:54 on Thursday July 19th, whereafter the fork plummeted to $2.27 USD two hours later at 06:09.

While that short expression of gravity might resemble an anomaly, new momentum once again saw Bitcoin Diamond surge from $2.27 USD to $4.65 on July 21st.

Not everyone is pleased, however –  community members have noted the likelihood of a pump and dump operation, with several noting similarities to the roaring heights seen in late 2017’s bear market.

At press time, the cryptocurrency has retained its lead, and presently trades at $4.64 USD, and is up by 34.51% day-on-day. It remains to be seen whether traders will solidify price movements and cause another price drop, or whether middling volume will leave the cryptocurrency to stagnate once again.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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