The number of Bitcoin clones is getting out of hand pretty quickly. As if Bitcoin Gold isn’t annoying enough to deal with, we will soon have Bitcoin Diamond as well. Unsurprisingly, there is a futures market for this upcoming altcoin. Right now, BCD is priced at just $68. That is a lot lower compared to what people would have expected. Some people will gladly explain this is way overvalued, though.
One has to keep in mind Bitcoin Diamond has a much bigger total supply. Bitcoin itself has a maximum of 21 million coins. Bitcoin Diamond, on the other hand, will have 210 million. On paper, this means this new altcoin can only be worth 10% of what regular Bitcoin forks would yield. Keeping that in mind, a price of $68 seems to make a lot of sense. After all, it would still result in a market cap of $14.2b if all coins are to be released at once.
Bitcoin Diamond Futures are Quite Popular
The big question is why BCD needs so many coins in the first place. There is no reason for it whatsoever. Moreover, it will hinder the room for growth of this particular currency as well. With so many coins, it is highly doubtful BCD will ever attain any promising value. Then again, futures markets are never a valid indication of a new currency’s actual value whatsoever. For all we know, every Bitcoin Diamond may be worth a lot more or less than $68.
Depending on how the launch of this currency goes, it might enter the top 10 by market cap. Assuming 16.7m coins will be issued at first, the currency will start off with a $1.1bn market cap. That is quite significant, especially when considering there is no real use for this altcoin whatsoever. No one asked for it and it doesn’t fill any specific niche either. All we see is more developers looking to copy Bitcoin and make a quick buck from doing so. Such efforts are quite lucrative, that much is evident.
So many futures markets for this upcoming altcoin is an interesting development as well. In most cases, only one exchange would provide futures trading for Bitcoin Diamond. Right now, we see almost 10 exchanges do so. This may indicate big things will happen to BCD in the future, though. No one knows for sure what this altcoin will bring to the table. Strange things are happening in cryptocurrency right now, that much everyone can agree on.
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