ABBC Coin cryptocurrency spiked by 65% in a day: the reasons

A relatively silent cryptocurrency project has suddenly become a talk of the town thanks to a dramatic price rally. ABBC Coin is mooning so much that it has left even crypto hotshots like bitcoin and ethereum behind, strictly per its 24-hour performance. On Thursday, the ABBC-to-dollar rate surged as much as 65-percent. At the same time, the coin’s market capitalization more than doubled as it rose from $135.82 million to $249.74 million. The upside push helped ABBC gain entry into the top 25 cryptos club.

Speaking of volume, ABBC maximally changed hands with bitcoin, USDT, and ether, amounting to $46.75 millions worth of trading volume. Unregulated exchanges IDAX (Mongolia) and Bit-Z (Hong Kong) hosted a majority of these trades.

There are two straightforward theories attached to the ongoing ABBC price surge. The first one is related to an airdrop while the other concerns a fake pump. There is also a third theory that matters with ABBC as a blockchain project and its long-term prospects in the market. Let’s begin with the third – the most usual argument. It is about suspending one’s belief and accept that ABBC is a game-changing blockchain project. And the investors who have added circa $249 billion to its market cap since Feb 26 honestly believe in ABBC’s proposal: of creating a blockchain-based facial recognition platform that allows users to pay with their face. At least, that is what the selling point should be – and that is what should sustain the latest rally.

Nevertheless, the next part is scary. The individuals who “pumped” the asset price initially now thinks it is the right time to dump all their holdings at a higher rate. As they sell their profits, other investors are left holding their bags. That’s PUMP-AND-DUMP, noted across the history of financial markets.

Crypto ABBC Coin Skyrockets 65% in a Day: What’s Driving Price to the Moon?, CCN, Mar 07