Bitcoin Diamond’s trading volume has skyrocketed by 741% over the last day – could it be preparing for further moves?
Bitcoin Diamond is one of the many hard forks of Bitcoin. As Bitcoin was developed using open source software, anyone can create their own version of the original cryptocurrency.
BCD’s recent flurry of trading activity dates back to last month when the coin reached a price of around $8. Now, it appears that it is gearing up for a new move after trading volume increased by over 740% in the last 24 hours, according to data from Coinmarketcap.
The developers say that they want to look to improve on Bitcoin’s original transaction speed, as well as develop a new proof-of-work (POW) algorithm to validate new blocks.
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What makes Bitcoin Diamond a possible buy right now?
Four years ago during the last bull market, Bitcoin Diamond reached an all time high of $99.37. Since that time, the coin has mostly seen a long decline in price down to around $0.2.
Over the last year or so however, the project has begun to see some price action, eventually reaching $8 in May 2021.
With the recent increase in trading volume the coin may be getting ready for its next move. Whether this will be up or down is yet to be determined, however there is considerable upside if the coin were to one day return to its all time high from four years ago.