Altcoin bulls have their hands full this spring. The breakout period for coins like Dogecoin (CCC:DOGE-USD) and Ethereum (CCC:ETH-USD) have been astounding to watch. Even more astounding are the upward gaps coming from even smaller coins as investors try to strike virtual oil. Bitcoin Diamond (CCC:BCD-USD) is looking like one such bet that crypto explorers are watching. The altcoin is growing quite a lot today. But, Bitcoin Diamond (BCD) price predictions from analysts aren’t quite so bullish.
Like all the other coins with names that include the word “Bitcoin,” Bitcoin Diamond is a hard fork of the original Bitcoin (CCC:BTC-USD). A hard fork means that Bitcoin Diamond was born from Bitcoin, and uses a similar protocol to Bitcoin, but it is distinctly different from BTC and operates as a separate entity.
Bitcoin Diamond came to life in 2017 as a blockchain aiming to be a more secure than Bitcoin. The fork implements a different proof-of-work algorithm that is supposed to be better suited for deterring attacks on the network than Bitcoin. It additionally segregates transaction signatures from the 0n-chain transactions, making it able to process more contracts per second than Bitcoin.
The name confusion, combined with the trend of seeking out “coins to explode,” has led to huge trading influxes in coins like BCD. Trading volume in Bitcoin Diamond is up nearly 140% in the last 24 hours. As such, it has boomed in price, gaining 56% in the same period and changing hands at $4.79.
Bitcoin Diamond (BCD) Price Predictions Diverge
Some analysts are bullish on the coin in the midst of its recent gains. However, there are a seemingly equal number of bears who see the movement as a fad destined for failure. Here’s where current Bitcoin Diamond (BCD) price predictions rest:
- DigitalCoinPrice thinks the good times will roll with BCD. Through the end of the year, they predict an upswing to $6.24.
- Cryptocurrency Price Prediction is much more bullish than other analysts. The outlet is pricing BCD at a whopping $24.64 by the end of the year.
- Bearish WalletInvestor see the current movement as a fluke. They say the coin will drop to $2.44 in a year’s time.
- Even more bearish than that is Gov Capital, who thinks Bitcoin Diamond will fall off the face of the Earth in a year. They think prices will drop to $0.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.