Forgotten Bitcoin Alternatives Involved In Massive Pump-and-dump Scheme

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Something very strange is occurring in the world of bitcoin and cryptocurrencies right now. Both Bitcoin Plus and BitcoinDark, two ridiculous forks of bitcoin, are seeing massive value gains all of a sudden. This is somewhat surprising, as it remains unclear what is going on exactly. It appears to be the season for bitcoin clones to gain some momentum, even though these pump-and-dump schemes usually don’t last very long.

Bitcoin Alts Are Getting Pumped

Looking at the CoinMarketCap website, it is evident something fishy is going on right now. Both BitcoinDark and Bitcoin plus have seen significant value gains, even though neither currency has any real use cases. This is a clear pump-and-dump scheme, although it is a bit unclear why these two particular coins are seeing such volume right now. Neither of these coins has successfully gained any traction, as they bring nothing to the table.

That being said, Bitcoin Plus saw a spectacular value gain of 1,088% over the past 24 hours. Even so, that only puts its market cap at US$4.6m, which pales in comparison to bitcoin or any other successful altcoin. One thing XBR has going for it is how there is a very low supply of coins in circulation right now, which is why the price per XBC was pushed up to US$48.74. BitcoinDark, on the other hand, saw a 194.5% value gain over the past 24 hours.

It is unclear who is pumping these altcoins right now, although it is possible this is just another cryptocurrency whale looking to shake up the markets a bit. BitcoinDark now has a US$18.97m market cap, which is quite a significant change. Then again, it is expected both of these currencies will drop in value again soon enough. Investing in either Bitcoin plus or BitcoinDark right now may result in significant financial losses, although there is still room for some financial gain as well.

Reddit users are speculating both of these coins are being pumped by Bitcoin Unlimited supporters. That may be a stretch too far, though, as this is just the “altcoin season” where any alternative currency can get pumped to oblivion without a valid reason. It appears this is what is happening to both BitcoinDark and Bitcoin Plus right now, as neither currency has had any significant update that makes them look more appealing.

One thing that is apparent is how all of the altcoins getting pumped lately do not include SegWit signaling. Several alternative currencies have begun implementing SegWit signaling support, yet none of those coins see any significant value gains right now. This doesn’t validate claims of BU supporters putting their money into these altcoins by any means, but it is an intriguing tidbit of information for sure.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

View all posts by JP Buntinx

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