This altcoin season has not seen all assets rise at the same time. There are still coins hovering near their lows, which see dramatic spikes. Some believe those are just short-term pumps, especially in the case of more obscure assets.
After the phenomenal climb of KIN, which is already unraveling with a 10% hourly fall, there is a strong warning against spiking assets.
Odyssey (OCN), the recently hot coin, is now on the downward path. In just 24 hours, the coin wiped out more than 37% of its price, lining up among the biggest losers. The coin slid to $0.025.
!OCN!
But traders have noticed a new and dramatic pump, in the CNN/BTC pair on the Huobi HADAX market. The CNN asset doubled in price overnight to 2,790 Satoshi.
There have always been spikes and pumps among lesser-known coins. Some of the better-known assets, even the low-priced ones, are seen as having run their course. In the past, high priced assets managed to rally by hundreds of dollars, but in the past few months, high-priced coins like Monero (XMR), Litecoin (LTC) and Dash (DASH) stagnated, while price and trading activity moved to altcoins seen as having a higher potential for quick returns.
https://twitter.com/Nikadesh/status/995353608387481600
But there are warnings that the dollar price is not enough to make an altcoin attractive. What makes veteran traders flock to altcoins is the chance to acquire more BTC. Otherwise, moving into altcoins with low liquidity contains risks, such as obscure exchanges, Insecure wallets, and coordinated pump-and-dump schemes.
This article appeared first on Cryptovest
