So i'm on the interwebs and I go to coinmarketcap.com to look for a coin to invest in.
I come across bitcoin plus (XBC)
can someone explain what cause this very sharp increase in price?
http://coinmarketcap.com/currencies/bitcoin-plus/#chartsThis shit was sitting at like $3 / $4 usd for years, then out of the blue, shoots up to $130 USD within a couple hours, and then shoots down to like $30 USD.
was anybody able to capitalize off this and sell when it hit that highpoint that it probably wont ever hit again? Does anybody know what caused that sharp increase?
Looking at the chart, i can only say it is a P&D coin, made and stored by Poloniex to maintant their traders/whalers.
It is common that exchanges creates coins just to stimulate the volumes and attract more users (yocoin).
Now, almost every exchange have his own coin, it leaves a wide open door for price manipulation, except for cryptopia, as they coin have a real usage (listing, ads, merchants)