ZCLassic (ZCL) is up 300% this past week, seemingly out of the blue, as volumes suddenly pick up on Bittrex. Meanwhile, the asset lags, but still manages to climb on the Cryptopia exchange, which still has wallet problems.
ZCL gained more than 53% on Wednesday, later sliding a bit to $20.48. The asset started climbing from recent lows between $4 and $5. ZCL had short-term pumps before, but this time, the trend is steeper, and may be a repetition of the December 2017 events, at least when it comes to rumors.
ZClassic is a project that was abandoned by developers who moved on to Bitcoin Private (BTCP) and are working actively to promote and develop the coin. However, even as ZCL crashed to nothing from a peak near $200, there were rumors the asset may be revived. The rumors – and also warnings, were that ZCL could be used as the platform for another hard fork of a prominent coin.
https://twitter.com/vaggelis1985/status/987792038111399936
- vaggelis1985
So far, there is no clarity which coin this would be. Yet the increased activity may sway a new crop of investors. The noise on social media is accelerating, possibly swaying buyers. The previous climb of ZCL was totally unexpected, and latecomers started buying above $100, with the hope the asset could grow to outlandish levels.
Also, ZCL may have been attractive for the new, low price. Unlike stocks, a crypto coin remains active and its technology and future do not depend on past performance – hence for ZCL, hopes of a revival have come very fast after the dramatic crash just weeks ago.
At the same time, Bitcoin Private (BTCP) is slowly making its way after launching at the most unfortunate moment when all assets were sliding. BTCP is up 80% in the past week, although it had a daily correction of 16%. The asset is down to about $45.75. Potential traders are still prevented from entering this market as BTCP is only traded on niche exchanges.
In my opinion, buying ZCL right now is a pure gamble. That said, it may be worth grabbing a few hundred dollars worth. If a fork is announced, prices could easily spike to over $100. In the immortal words of Clint Eastwood,
"You just have to ask yourself one question....Do I feel lucky? Well, do ya punk?"
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Full article found here: https://verifiedtopics.com/zclassic-zcl-spikes-dangerously-on-vague-rumors/#.WuBqDzMs1k4.reddit