Move Over, ZClassic: Primecoin Takes the Spotlight for Bitcoin Merge-Fork
The pump for Primecoin continues, despite the cautionary example of ZClassic.
The ZClassic (ZCL) scenario seems to repeat once again, this time with Primecoin (XPM). The asset was selected to become the basis for an upcoming merge-fork of Bitcoin, to be named Bitcoin Prime. In that fork, both Bitcoin owners and Primecoin owners would be granted the new tokens. Such a promise usually boosts the demand for the obscure digital asset, riding on the fame of Bitcoin.
XPM reacted to the news, and despite the warnings, rose another 47% in a day, to $3.50. The climb has gone vertical, and what is more, volumes show frenzied buying. It is unknown when the hype would end, and where the coin could go. There is no set date for the fork, except the promise of ZClassic creator Rhett Creighton that he would move on with the project.
At the same time, Bitcoin Private (BTCP) got a minor boost from the hype surrounding ZCL. BTCP grew by more than 30% overnight, to $42.38, but is still down 24% net on the week. The Bitcoin Private team is still trying to present the coin to exchanges, and achieve a robust market price.
The ZClassic hype, however, is dwindling, sending the coin down again. ZCL was down 8% in the past day, to about $23. While the news of a merge-fork have helped boost ZCL as high as $180, this time, buyers may be more cautious and realize profits sooner. There are no confirmed news around ZCL, despite the expectations of a merge fork rumored to be connected to Ethereum.
Primecoin is an asset that has not seen an update on GitHub since the summer of 2014. At this point, no one actually knows if the plans for a fork are certain, or may fail. However, the hype is accumulating, making Primecoin highly dangerous.
https://twitter.com/RobaireCrypto/status/990787947334119424
There is a Primecoin Telegram community forming already, with more than 1,600 backers, eagerly awaiting the announcement of the fork. So far, there are no indications from the team, but vague expectations of an announcement in the coming days.
At the same time, selling pressures may bring down Primecoin at least temporarily, as Poloniex sees increasing sell orders.
However the story around Primecoin develops, it is another example of irrational exuberance. The quick gathering of communities and the expectations for quick gains benefit some, but hurt newcomers who buy at the wrong moment, never foreseeing the almost inevitable crash.
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