ForexMinute.com – At press time, BitSharesX has surged over 70% in the last 24 hours, and has eventually outwitted Ripple by becoming the third richest cryptocurrency by market cap. For a non-mineable coin which has just made its presence felt, the current rise seems to have originated due to increasing demand.
Though, we are not emphasizing on BitSharesX being a pump and dump. Almost every top coin we know or trust today have once proved to be volatile, especially in their early days. An interesting Bitcoin 2.0 project like BitShares sure has the capability of grabbing potential investors and traders, but looking at the condition of cryptocurrency markets today where fraudulent developers are disappearing after selling their pre-mined units, an average Joe might not take a good impression from BitSharesX volatility.
But for once we have to consider that BitSharesX is not a normal run-of-the-mill cryptocurrency either. It is a flagship Distributed Autonomous Company for BitShares, offering market pegged assets by focusing more on maximizing the equity-value-per-share’ ratio rather than maintaining ‘purchasing-power-per-unit ratio’ in a normal cryptocurrency system.
Coming back to the sudden rise, we can say that the increased volume of the pair BTC/PTS is one of the reasons why BitSharesX is shooting itself into the skies. There is indeed a little improvement in demand later that has surged the prices IMO. Also, the BitShares-AGS donation rate has also increased notably in recent days, which has once again helped to increase the crypto-equity’s demand in the market.
“BitSharesX is definitely not a pump and dump,” says one of its followers meanwhile, “It’s the flagship DAC for BitShares and the pump is just getting started IMO. At the moment there are 1,999,944,815 BTSX in existence and declining as BTSX is burned in transactions. What exactly are [people] confused about with BitSharesX? It’s a decentralized autonomous exchange.”
We will keep you updated as the event further unfolds.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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