Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
Bitcoin 2, a shady Bitcoin fork, managed to gain over 5,000% in its value just in 24 hours. But its success didn’t last long.
This Bitcoin clone – Bitcoin 2 (BTC2) – was launched last year without too much noise. But today it has made a lot of headlines. And it is not surprising at all, as the crypto community can’t but discuss the crypto asset that has managed to gain more than 5,000% in value over a 24-hour period. There is an opinion that such an unusual growth is a result of pump and dump efforts.
Though just on June 5, the asset was trading at prices around $0.50, the next day the situation drastically changed. According to the data from CoinMarketCap, on June 6 in the morning, just 24 hours later, the previously unknown coin reached a peak of $29.27.
As a result, Bitcoin 2 managed to become one of the 25 crypto assets by market cap which was over $400,000,000 at the peak moment. But at the same time, the 24-hour trading volume as just a little bit higher than $120,000.
Nevertheless, very quickly Bitcoin 2 started falling back and left its position among the top 25 crypto assets.
It’s worth mentioning that BTC2 is listed on two exchanges only. They are Crex24 and Escodex. Both of them offerBitcoin 2 trading in a pair with an original Bitcoin (BTC). During the pump, Crex24 experienced a much higher trading activity with participation of BTC2 in comparison with its counterparty.
As for the number of coins of both crypto assets circulating, the figures are very close. The circulating supply of BTC2 appears to be 17,288,579 coins. And BTC has 17,744,575 coins in circulation.
Reasons for Enormous BTC2 Price Surge
In case you believe that it was really possible to predict this fleeting Bitcoin 2’s success, we’re sorry to disappoint you. Nobody could predict it. Or maybe one person could – a person who provoked it.
Now it has already become more or less clear that this coin just experienced a pump-and-dump investing scam.
Some experts supposed that it could be just another crypto whale who has quite impressive BTC2 holdings and just wanted to have some fun. This person may have just likely pushed the BTC2 price up. Such a situation may have captured all the investors who didn’t want to miss a chance (yes, they probably considered BTC2 to be their chance to succeed). But as it has already become obvious, to start actively purchasing BTC2 was not the best their idea.