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HyperCash (HC) Surges 54% Saturday

source-logo  sludgefeed.com 14 January 2019 05:30, UTC

After dropping late in the week, the cryptocurrency market has been relatively quiet over the past 24 hours with Bitcoin (BTC) hovering just north of $3,600.

One exception being HyperCash (HC), a project developing an interoperable solution for currently existing blockchains, which has surged around 54% in the last 24 hours to $1.64, giving the coin a $71.3 million market cap.

While this price action is notable, the underlying cause for the increase is not currently clear. HyperCash did recently announce a new governance system where users can propose and vote on ideas to advance the project. However, this is something that is fairly common among these types of projects, so it is likely not the main cause of the massive price surge.

Users can now propose ideas, and discuss, as well as vote on projects submitted by the HyperCash community!https://t.co/tMjjf6UfgZ

— H.cash (@HcashOfficial) January 11, 2019


What is more likely is that HC is experiencing a technical breakout fueled by investors looking to earn 2017-like gains. Today’s price action comes on the back of more than $42 million in trading volume, an unusually high volume for HyperCash that has it in the top-20 cryptocurrencies in terms of volume.

The coin has been on a steady upswing since bottoming around $0.60 in early December. Today’s breakout saw the coin move from $1.06 to over $2.00 before pulling back. The coin was trading in the $1.80-$2.00 range as recently as November.

Given this price action, it certainly would not be surprising to see a significant retrace as investors look to close out their positions and take profits.

sludgefeed.com