Bitconnect Coin continues to edge lower against bitcoin since the latter just surged to new record highs. Price has broken below its ascending trend line connecting the latest lows on the short-term time frames and appears to be forming a new downtrend.
Volume has been subdued for nearly a week, which explains the slow movement of Bitconnect Coin to bitcoin. However, the upcoming network upgrade next month could spur volatility.
Bitconnect Coin reached the Top 20 of altcoins recently. It is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.
This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network. This altcoin has a market cap of $287,599,260 with a circulating supply of 6,699,432 BCC and an available 28,000,000 BCC. Its 24-hour volume is $2,197,900
On the longer-term time frame, it can also be seen that Bitconnect Coin broke its uptrend with bitcoin upon hitting the ceiling at the 0.035 level. Volume is also noticeably turning lower from here.
There have been talks that Bitconnect Coin is a mere Ponzi scheme, leading investors to jump out of their holdings quickly. As Robert DeVoe of BitsOnline writes, Bitconnect Coin” promises massive, impossibly large, guaranteed returns.” He also took a look at the site and marketing material, noting that it “makes use of affiliate links to spread quickly with potential false testimonials and reviews” and “uses colorful, exaggerated language. He concluded that the program appears to be “designed to encourage you to continuously reinvest and not withdraw your money,” warning that the site might disappear soon.
Members of the cryptocurrency community are also confused about the symbol usage of BCC, which is also for bitcoin cash. The Bitconnect ecosystem includes BCC Exchange Live — a cryptocurrency exchange platform, Block Explorer, BCC wallet, and its own mining pool.