Bitcoin Diamond’s trading volume has skyrocketed by 741% over the past day – could it be preparing for further moves?
Bitcoin Diamond is one of the many Hard Forks of Bitcoin. Since Bitcoin was developed using open source software, everyone can create their own version of the original cryptocurrency.
BCDÂ € tms recent flare-up in trading activity dates back to last month, when the coin reached a price of around $8. Now it seems that it is preparing for a new boost after trading volume has increased by over 740% in the last 24 hours, according to data from CoinMarketCap.
As the developers explain, they want to improve Bitcoin’s original transaction speed and develop a new Proof-of-work (POW) algorithm to validate new blocks.
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What makes Bitcoin Diamond a possible purchase at the moment?
Four years ago, during the last bull market, Bitcoin Diamond reached an all-time high of $99.37. Since then, the coin has mostly experienced a long decline in price to about $0.2.
Over the past year, the project has seen some price movement, eventually reaching $ 8 in May 2021.
With the recent increase in trading volume, the coin could be gearing up for its next target. Whether this will be up or down is yet to be seen, but there is considerable upside potential if the coin would one day return to its all-time high of four years ago.