PIVX price jumped sharply on Wednesday whilst 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 is PIVX and why is it rising?
PIVX price defied gravity on Wednesday whilst the costs of different digital cash crashed. Bitcoin dropped to a low of $18,000 whereas the whole market cap of all digital cryptocurrencies dropped under $1 trillion.
For starters, PIVX is a privacy-focused cryptocurrency that emerged as a arduous fork of Dash. Dash, then again, was created from a arduous fork of Litecoin, one of many oldest cryptocurrencies on the earth.
There are 4 essential sorts 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. Finally, there’s a defend transaction, the place a defend sender sends to a different defend tackle.
Another PIVX function is that it rewards its customers for simply holding the token. According to its web site, the typical every day reward for the token is 2.52 PIV whereas the estimated annual yield is 9.18%. The complete provide locked in masternodes has risen to 24.53%.
It is unclear why the PIVX price is hovering as different cryptocurrencies crash. A potential cause is that this might 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 price prediction
The four-hour chart exhibits that the PIVX price jumped to a excessive of $0.3450 on August 27 of this 12 months. This was a 140% enhance from the bottom degree in the course of the month. It then had a freefall as demand for the coin crashed and after it moved to a distribution part.
As the coin dropped, it shaped a falling wedge sample that’s proven in black. In price motion evaluation, this sample is often a bullish signal, which explains why its price rose. Still, with quantity nonetheless low, there’s a probability that the coin will resume the bearish pattern within the close to time period.
