It’s no secret that Bitcoin has been facing some problems in the last few weeks. Ever since the Winklevoss twins’ proposal of the first Bitcoin ETF was rejected by the SEC, Bitcoin has had its ups and downs. As predicted by many experts, Bitcoin’s price fell to below $1,000, but that lasted only a few hours. It was able to pick itself up and close the day at over $1,200. This talk of a possible hard fork that has dominated the waves over the last few weeks have done nothing to help in its growth, instead it has done the opposite. Most of the world’s largest Bitcoin exchanges released a statement detailing their plans in the event of a fork. This statement, as you would expect, caused a stir among the Bitcoin community and most experts have claimed that Ethereum has been the biggest beneficiary.
That’s open for debate, but one thing is clear, some Bitcoin users have opted to use alternative coins as hedge against Bitcoin’s fork drama and this has been reflected very well by how its market cap has declined over the last few weeks. BitcoinPlus has appeared to be Bitcoin’s viable in the last 48 hours. Yesterday (Mar. 27), BitcoinPlus took the Cryptocurrency world by storm because in a period of just 12 hours it managed to rise from around $5 to around $131. Some may argue that this is expected of Cryptocurrencies due to their high volatility but, either way, this is quite remarkable.
Its price later fell to around $40 but has since risen again to around $71 at the time of writing this article. By the look of things, the sudden rise in BitcoinPlus’ price didn’t affect Bitcoin’s price because it came as Bitcoin was trying to recover. However, other altcoins such as Dash, Monero and Ethereum Classic were affected. Its trading volume in the last 24 hours have been so signifanct that it rose to top ten among all Cryptocurrencies in terms of 24-hour trade volume. It has a limited supply with slightly above 94,500 coins currently in circulation, there are also very few people using it so the lower supply to demand ratio could work both ways.
BitcoinPlus at some point lost about 40% of its value in just a minute. Such situations can be caused by single investor deciding to buy huge amounts of a virtual currency and then deciding to sell all of it at once. BitcoinPlus just like any other Cryptocurrency has the potential to continue rising in price to surpass Bitcoin because the supply is quite small but it’s very dependent on demand increasing. Looking at it from another perspective, low supply could make its price decrease quickly with just a few sales.
BitcoinPlus is a coin that can be characterized as having both proof of stake and proof of work features. This means that if the network is experiencing some difficulties, one can always switch to the manual proof of work. It has enhanced privacy features by using TOR to keep the users’ IP address hidden at all times. If it will hold its grip on the market and not fade away as fast as it rose, is yet to be seen.