The last 24-hour trading session has seen the total market cap slump from $234 to $203 billion sending panic across the he entire crypto-sphere. Market leaders, Bitcoin and Ethereum have shed 12.31% and 20.45% respectively leaving USDT as the only top 50 rated coin trading in the green zone.
The ripple effect has seen Bitcoin Diamond (BCD) slip after gains of over 200% September 5 after getting added on the Binance exchange platform. The coin however dropped one place to move to 25th position among the most valuable assets after shedding 24.54% to the dollar to trade at $2.43. The unanticipated drop is the true reflection of the state of the market at the time of reporting.
Bitcoin Diamond (BCD) Pump and Dump?
Bitcoin Diamond performance has been at its lowest until Binance added it on the exchange. This saw a sudden spike of 256% in a span of less than 6 hours. The cryptocurrency has been in record of several pumps and dumps and the just concluded one appears to be the best planned among others. The bearish market appeared to be the right time to execute the pump and dump.
After the listing and subsequent spike, Bitcoin shed 5% while Ethereum lost 10% to the dollar. The scenario appears to be getting worse with the market bleeding in the last 24 hours with no near recovery signs. The trend appear to hold longer as the two leading coins sink deeper to trade at $6,443.35 and $228.86 respectively.
The pump saw BCD volumes grow by over 14,700% in less than six hours with the price hitting the months high of $4.60 representing a growth of 256%. However, with the planned dump successful, the coin has one back to trade in the green.
The Binance support surprised many with the volume surge that saw BCD/USDT pair suddenly become the most popular with analysts suspecting a crypto-fiat strategy via the exchange. Binance came second after Gat.io, a scenario that has raised eyebrows among crypto enthusiasts.
Bitcoin Diamond (BCD) Trades on other Exchanges
The BCD trading spread across other exchanges appeared normal with spike being a ripple effect from Binance. As the time of writing, it is not clear whether the plan was executed across other exchanges. However, the current volume is a clear indication that there were forces behind the price surge.
The strange tweet announcing the good news that BCD can be traded on Binance caught many by surprise and the immediate surge could not have been generated by the announcement unless the community had prior information of the listing. Whichever way you look at it, the results are clear, BCD is back to the red trading zone.
Bitcoin Diamond Future
Away from the market manipulation, the platform has been undergoing a lot of developments given it forked from the main Bitcoin recently. There is a lot of potential that has not yet been scratched. The Binance listing will give the ecosystem a huge visibility boost but it will have to deal with the ebbing investor confidence in the coming months.
The sudden price drop in less than 48 hours from Binance listing has a lot to tell. This could mean Binance has put on hold trades to tame the “induced” price pump but according to CoinMarketCap website, Binance remains the most active counter in the market controlling 68.27% of the past 24 hour trading volumes. However, whichever way you look at Bitcoin Diamond (BCD), it is a good project despite the dev team keeping the community in the dark about progress and future.