Cryptocurrency News

Bitcoin 2 Pumps Over 5,000% Gaining Top 25 Market Cap Spot

A random asset flew up the charts today, gaining more than 5,000% in value over a 24-hour period, seemingly as the subject of a pump and dump effort.

Bitcoin 2 (BTC2) tore its way into the top 25 crypto assets by market cap on June 6, hitting a peak of $29.27 per coin, according to CoinMarketCap data.

Wether it’s a sad joke, an ordinary pump and dump, but the fact is that a random coin registered easily as “Bitcoin 2” and sneaked so quickly to the top 25 coins by market cap.

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On June 5, the asset saw prices around $0.50. One day later, the coin took off into the stratosphere in a fashion similar to certain microcaps in 2017.

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Priced at $24.50 at the start of this article’s writing, the coin touted a market cap of $423,545,927, with only $126,947 in volume over the past 24 hours. 

Upon second inspection during the writing of this article, the asset already has dropped back down to around $6.55, descending to the 63rd spot among the top market cap assets on CoinMarketCap, holding a market cap of $113,305,462 at press time.

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The asset is only listed on two exchanges – Crex24 and Escodex. Both exchanges have Bitcoin 2 (BTC2) paired against Bitcoin (BTC). Crex24 looks to have hosted most of the asset’s trading activity during the pump, according to CoinMarketCap numbers.

BTC2 also shows a comparable number of coins to that of BTC in terms of circulating supply. BTC2 appears to have a circulating supply of 17,288,579, while BTC houses 17,744,575 coins in circulation. 

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