Crazy Pump: Bitcoin 2 Price Skyrockets 700 Percent

News
Thu, 06/06/2019 - 17:30
Alex Dovbnya
While Bitcoin struggles to rebound after its most recent price pullback, its new fork steps into the breach  
Crazy Pump: Bitcoin 2 Price Skyrockets 700 Percent
Cover image via U.Today
Contents

Bitcoin might have had a huge 100 percent rally in 2019, but it has been completely dwarfed by its new fork, Bitcoin 2. The price of BTC2 spiked by more than 770 percent, which allowed it to enter the CoinMarketCap top 100.

Bitcoin sequel is here!

 The fork, which has been under the radar since its very inception, allegedly deals with all major pain points of Bitcoin.

Bitcoin 2 is a fully anonymous cryptocurrency that utilized the ZeroCoin protocol (for comparison, Bitcoin is pseudo-anonymous, which allows tracking all transactions). BTC2 also offers higher lower fees and 40x faster transactions.

To top it off, you can also run your own masternode for nearly instant transaction confirmation. You are required to have 1,000 BTC2 ($1,960 at the time of writing) as collateral.

Pump-and-dump

The whole thing almost definitely seems like a coordinated pump-and-dump scheme that was designed to scam those who came late to the party. 80 percent of its volume came from Estonia-based Crex24, which has a rather questionable reputation.   

At 14:44 UTC, BTC2 reached its current ATH of $4.06, thus allowing its market cap to surpass $70 mln. As of now, the coin’s price is at $1.96.

Bitcoin 2 makes up for its older brother   
A textbook example of a pump-and-dump scheme, image by CoinMarketCap
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.