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This Ridiculously Stupid Bitcoin Clone Surged 800% Today

Steven Buchko
The worst-named Bitcoin clone out there is leading the cryptocurrency market today with triple-digit percentage gains in the last 24 hours. | Source: Shutterstock

 
By CCN: Why buy the original Bitcoin (BTC), when you can own some Bitcoin 2 (BTC2)? You, like most people, probably thought that shady cryptocurrency forks are a thing of the past. But boy, oh boy, were you wrong.

Bitcoin 2, an aptly-named Bitcoin fork, made a splash this morning by leading the cryptocurrency market with an almost 800 percent gain in the past 24 hours. After quietly launching last year, this new cryptocurrency quickly rose through the market cap ranks today to crack the top 100.

Bitcoin 2 one-day chart

BTC2 reached a peak of over $4 today before drastically falling back down. | Source: CoinMarketCap

Why Is BTC2 Pumping?

The charts paint a clear picture predicting Bitcoin 2’s success. If you look at the 4-hour candlestick chart, you can see a classic rising wedge begin to…just kidding. It’s most likely another victim of a pump-and-dump investing scam.

Although Bitcoin 2 is experiencing impressive growth, it’s occurring with only $35,000 of daily trading volume. To give you some perspective, Bitcoin’s (the original’s) daily trading volume currently sits above $18.5 billion. A bored whale is most likely pushing the BTC2 price up to later dump their holdings on all the investors who felt some FOMO and purchased it. Don’t be one of those people.

Read the full story on CCN.com.