PIVX value jumped sharply on Wednesday whilst the costs of different cryptocurrencies nosedived. The token rose to a excessive of $0.2265, which was the very best stage since August 28. At its peak, the coin was up by greater than 44% from its lowest stage this week.
What’s PIVX and why is it rising?
PIVX value defied gravity on Wednesday whilst the costs of different digital cash crashed. Bitcoin dropped to a low of $18,000 whereas the full market cap of all digital cryptocurrencies dropped beneath $1 trillion.
For starters, PIVX is a privacy-focused cryptocurrency that emerged as a tough fork of Sprint. Sprint, however, was created from a tough fork of Litecoin, one of many oldest cryptocurrencies on this planet.
There are 4 essential sorts of transactions in PIVX. First, there’s clear transactions the place the sender and recipient’s deal with are all public. Second, there are de-shielding transaction, the place a protect deal with sends funds to a clear one.
Third, there’s a shielding transaction the place a clear deal with sends to a protect one. Lastly, there’s a protect transaction, the place a protect sender sends to a different protect deal with.
One other PIVX function is that it rewards its customers for simply holding the token. Based on its web site, the common each day reward for the token is 2.52 PIV whereas the estimated annual yield is 9.18%. The overall provide locked in masternodes has risen to 24.53%.
It’s unclear why the PIVX value is hovering as different cryptocurrencies crash. A doable cause is that this may very well be a pump and dump scheme. In 2021, customers complained after shedding over $112 million in a pump and dump scheme of the token.
PIVX value prediction
The four-hour chart exhibits that the PIVX value jumped to a excessive of $0.3450 on August 27 of this 12 months. This was a 140% improve from the bottom stage throughout the month. It then had a freefall as demand for the coin crashed and after it moved to a distribution section.
Because the coin dropped, it fashioned a falling wedge sample that’s proven in black. In value motion evaluation, this sample is often a bullish signal, which explains why its value rose. Nonetheless, with quantity nonetheless low, there’s a probability that the coin will resume the bearish development within the close to time period.