PIVX value jumped sharply on Wednesday at the same time as the costs of different cryptocurrencies nosedived. The token rose to a excessive of $0.2265, which was the best degree since August 28. At its peak, the coin was up by greater than 44% from its lowest degree this week.
What’s PIVX and why is it rising?
PIVX value defied gravity on Wednesday at the same time as the costs of different digital cash crashed. Bitcoin dropped to a low of $18,000 whereas the entire 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 the earth.
There are 4 essential forms of transactions in PIVX. First, there’s clear transactions the place the sender and recipient’s tackle are all public. Second, there are de-shielding transaction, the place a defend tackle sends funds to a clear one.
Third, there’s a shielding transaction the place a clear tackle sends to a defend one. Lastly, there’s a defend transaction, the place a defend sender sends to a different defend tackle.
One other PIVX characteristic is that it rewards its customers for simply holding the token. In line with its web site, the typical every day reward for the token is 2.52 PIV whereas the estimated annual yield is 9.18%. The entire provide locked in masternodes has risen to 24.53%.
It’s unclear why the PIVX value is hovering as different cryptocurrencies crash. A doable motive is that this might be a pump and dump scheme. In 2021, customers complained after dropping 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 yr. This was a 140% improve from the bottom degree 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 shaped a falling wedge sample that’s proven in black. In value motion evaluation, this sample is normally a bullish signal, which explains why its value rose. Nonetheless, with quantity nonetheless low, there’s a chance that the coin will resume the bearish development within the close to time period.