The Bitcoin Private price continues its spectacular rise from $1.88 to a peak of $2.77. That is a 30% gain in the past three days. At the time of writing, the price rally pulled back a bit putting BTCP at a current price of $2.52. Even with the most recent pullback, Bitcoin Private’s price is still in the green, registering a 10% rise in the past 24 hours.
What Is BTCP?
According to our What Is Bitcoin Private article, BTCP is:
“a brand new Bitcoin hard fork which uses the same privacy technology as is found in ZClassic”
The Airdrop started in February of 2018, and anybody holding Bitcoin or ZClassic on February 28th could claim Bitcoin Private at a 1:1 ratio.
KuCoin Support Affects The Bitcoin Private Price
KuCoin, one of the largest cryptocurrency exchanges, has added support for BTCP. That means that users who held Bitcoin or ZClassic in February have BTCP balances in their account which they can now withdraw.
It is important to mention that trading BTCP is still not enabled, whether KuCoin will open up a BTCP / BTC trading pair is still up for speculation.
What is surprising is how Bitcoin Private’s price is still rising despite the “flood” of coins on the market. After all, if KuCoin enabled withdrawals for BTCP, some traders might be tempted to dump the coin in order to claim the free profits. So far, that has not been the case.
Another piece of data worth taking a closer look at market liquidity. Currently, 50% of Bitcoin Private’s volume is coming from the BTCP / BTC trading pair on HitBTC. Taking a look at the order book, it seems that there is only about 1000 BTCP keeping the market above $2.28. Meaning if someone dumps $2,300 worth of BTCP it would bring the market down 8%.
Considering an overall daily trading volume of $189,000, that doesn’t look like a very liquid market. Even with the above faults and given the current market, it is great to see a cryptocurrency rally. While buy support isn’t great, it is also not too terrible given the circumstances.
My personal opinion on the future of Bitcoin Private’s market lies in whether or not KuCoin will decide to actually list the cryptocurrency. If they only keep the withdrawals on, they are effectively “flooding” the market with coins, thereby creating a ticking timebomb. However, if KuCoin decides to actually enable trading for BTCP, a further price increase would not be out of the question.
On the other hand, opening trading on the exchange would also mean easier dumping of BTCP. Thinking about it, it might be a blessing in disguise that KuCoin only enabled BTCP withdrawals and not trading. Do you think if KuCoin actually lists BTCP the price will rise? Let us know by voting on our twitter poll:
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Source: Read Full Article