Bitcoin Diamond trading volume surged 741% in the last 24 hours — is it gearing up for further moves?
Bitcoin Diamond is one of several Bitcoin hard forks. Because Bitcoin’s code is open source, anyone can create their own version of the original cryptocurrency.
The recent spike in BCD trading activity traces back to last month, when the coin reached roughly $8. Now, data from CoinMarketCap shows trading volume has jumped more than 740% in the past 24 hours, suggesting it may be positioning for another move.
According to the project’s developers, their goals include improving Bitcoin’s original transaction speed and implementing a revised proof-of-work (PoW) algorithm to validate new blocks.
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Why Bitcoin Diamond could be considered a buy right now
During the last bull market four years ago, Bitcoin Diamond reached an all-time high of $99.37. Since that peak, the coin underwent a prolonged decline, falling to roughly $0.20 at its lowest point.
Over the past year, the project has seen intermittent price action, peaking again at about $8 in May 2021.
With the recent jump in trading volume, Bitcoin Diamond may be preparing for its next significant move. Whether that move will push the price higher or lower remains uncertain, but there is notable upside potential if the coin were ever to approach the all-time high recorded four years ago.