Bitcoin Diamond Review: (BCD) Worth Every Penny? Doesn’t Look Like It
Cryptovest
Published Jul 23, 2018 03:06PM ET
Updated Jul 23, 2018 03:21PM ET
Bitcoin Diamond Review: (BCD) Worth Every Penny? Doesn’t Look Like It
Bitcoin Diamond shot up through the ranks today again, climbing to number #22 this time on the Coinmarketcap (CMC) listings, ahead of popular projects such as Lisk, QTUM, Zilliqa and Decred to name a few. This third surge of the month came as a shock for many who did not expect the next pump and dump to happen in such quick succession. Support this time hailed largely from Chinese investors, with the Huobi exchange accounting for a majority of the trading volume during the latest bull run.
According to CMC’s figures, the bull run today reached a height of $5.28, banking well over 50% gains but already harshly correcting. Now back down at #42, Bitcoin Diamond is left deflated and forgotten.
Interestingly, if we now look at the markets, we can see a huge discrepancy in BCD prices, that, if are true, offer huge gains via simple arbitrage trading. According to the current BCD markets, BCD on Binance is listed for a whole 678% more expensive than if you were to buy it off Indodax - an Indonesian crypto exchange. Potentially here you could stand to make a very easy return simply by buying on one exchange and selling on another. Something doesn’t sound right!
If we take a look at BCD/USD over a 12-month period (above) you can quite clearly see that the asset has never held on to any significant gains for more than a 48-hour period, with most pump and dumps usually completing their cycles during intraday trading. This tells us that BCD has very little sentimental value to the market and really only serves as a vehicle for getting the market motivated during slow periods with these fleeting frenzies.
It will be interesting to see in the future whether this project will ever be taken seriously as a legitimate investment opportunity or if these radical ‘boom-bust’ movements will make a more commonplace appearance in the day-to-day market.
This article appeared first on Cryptovest
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