Non-Affiliated Alibaba Coin ‘ABBC Coin’ Records a Rise of 100% With a Massive Price Pump
Any time a cryptocurrency sees any kind of jump in the market, it is bound to turn heads. Recently, aside from Bitcoin's recent mini-rally pump, the ABBC Coin caught some major attention, rising up by 100% to reach the mid-March high that it saw this year. The coin, which is the crypto asset that was previously known as Alibabacoin, reached as high as $0.367 before the Asian market closed.
Despite this rise, the ABBC-to-dollar rate corrected, which was a sign that the ABBC token was actually overbought, rather than actually having this level of performance. Still, that does not mean that the correction is over, since the US market still has time to mature, which could lead to an extended selling correction.
Overall, the rally has resulted in about $46 million worth of daily volume, even though the market cap saw a jump of over $60 million. The biggest portion of the trading activity was on a crypto exchange called TOPBTC, amounting to 16.5% of the total volume. The exchange, which is located in Australia, doesn’t have much of a good reputation with customers, based on the withdrawals that are frequently criticized for their slow speeds and their poor customer support. A local publication called ForexBrokerz commented that, with all of the claims against the company, the exchange has frequently been accused of being a scam.
The only real activity to precede the rally for ABBC came from Alibaba, which allegedly decided to settle a trademark dispute involving the ABBC Coin Foundation. However, that agreement happened about a month ago, and ABBC opted out of trading on the Alibaba brand as a result.
Realistically, reports from CCN suggest that the boom experienced by ABBC does not have much foundation. Without any real activity to relate to it, the whole surge is relatively suspicious, and any investors looking to get a taste of the action may want to be cautious in their actions.
Seen these kinda mindless pumps before and none of them end well. Every time it pumps, I just hear a voice that says: "You know it's just a rumour (Alibaba), right?". Greed + desperation after a long bear market = this. #ABBC $ABBC pic.twitter.com/gZLRxKXI4o
— Striving Yogi (@StrivingYogi) March 7, 2019
In today's other news, this might be all you need to know about the top crypto coin of them all:
Live Bitcoin (BTC) Price:
1 BTC/USD =$34,012.4601 change ~ 4.14%