Bitcoin Diamond (BCD) rose 78% and fell 48% within 12 hours. This recent bullish trend started with other altcoins about 48 hours ago, with Bitcoin Diamond being the most bullish. The pumps and the dumps it experienced in the last couple of hours affects a bulk of investors.
The Pump and the Dump
The rising trend of Bitcoin Diamond (BCD) started alongside other altcoins over 48 hours ago which brought a significant surge to investors to invest and catching on investment likewise. But the trend took an extensive upward turn and a surprising dump, also. It began with 10% high at the beginning of the week, then experience a 12 hour period of an up and down surprising swing move.
The BCD was at $2.20 range yesterday at around 5 pm UTC yesterday, but it suddenly took a surprising bullish move to $3.59 within 5 minutes, which is a 78% increase within a short space of time. The bullish trend continues to fool investors and potential investors, until the sudden reversal, as at 5 AM this morning. The daily volume also took the bullish trend from $10.2 million to $7.8 million market cap.
The two five minutes of the pumps and the dumps indicate, before additional investors joined the trend – $1.2 million was invested into Bitcoin Diamond as at 5 PM yesterday, and as at 5 AM this morning about $2.4 million value of Bitcoin Diamond was cashed in before it stabilized. The trend of the pump and dump indicates 100% profit for an investor that choose a perfect time to invest and cash in on the investment at suitable suppose suitable time.
Repeating Trend of Pump And Dump
The rise and fall are not the first of its kind, most recent of such is that of July 7th and July 9th of 2018, and the rise and fall that took place in January of the same year. During that period there was a rise of BCD to 40× in price, which prompted caution from Kucoin to investors, to invest rationally.
The rise saw those that sold off their BCD with a massive profit and those that bought it at the pump to lick the wound of regret presently. Regardless of pessimism, cryptocurrency has come to stay and future days of bullish trend still lies ahead.