Abandoned BitcoinDark (BTCD) Project Sees Fivefold Price Rise in Solid Volume

BitcoinDark (BTCD), a cryptocurrency project that aimed to compete with Bitcoin (BTC), but was later abandoned by its team that joined Komodo (KMD), saw a fivefold jump in price on Tuesday.

BitcoinDark (BTCD), a cryptocurrency created in 2014 to compete with Bitcoin (BTC) but abandoned by its team at the beginning of 2018, saw an impressive price jump of more than 400% on Tuesday amid strengthened trading volumes, CoinMarketCap data showed.

Oddly enough, BTCD, which trades on Poloniex and Trade By Trade only, spiked to a peak of more than $100 as at 5:39 UTC on Tuesday from around $20 a day earlier and compared to levels of around $15 during the most of August. This is its highest price since May 11, 2018.

Trading activity has also strengthened significantly, with the 24-hour volume exceeding $700,000, compared to daily trading volumes of some $100,000-$200,000 over recently. Trading of BTCD against BTC on Poloniex accounts for some 85% of the total volume, and trading of BTCD for Monero (XMR) on the same exchange makes up another 5%.

Currently, the reasons behind the BTCD price surge are not clear, and it seems that the bullish trend might be supported by a pump and dump move, or by traders dealing with insider information.

The team behind BitcoinDark doesn’t manage the project any more, as it moved to the development of Komodo. BTCD owners could swap their tokens for KMD coins by mid-January 2018. Obviously, not all BTCD were swapped for KMD, as there is a circulating supply of 1.3 million BTCD coins, according to CoinMarketCap data.

https://twitter.com/BitcoinDark/status/993495939124998147

Komodo itself is also among the best performers on Tuesday, gaining more than 17% on a daily basis to $1.57, its highest level since the end of July. Trading activity is also impressive with a 24-hour volume of more than $3 million, much stronger than usual. About two thirds of the volume comes from BTC pairs on Binance, and another 15% are generated on Bittrex, again against BTC. KMD started its bullish movement on Tuesday, earlier than the first leaps of BTCD.