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Syscoin (SYS) was a stable element in the top-class currencies by market capitalization at the start of 2018, but a 97% decrease in the year saw the currency out of the first page of CoinMarketCap, and the end hit the new 20-month minimum on December 13th.
At that moment everything changed for SYS: an increase of 15.500% of the volumes exchanged helped to fuel a recovery of 76%, which happened in just over a day. Citations on social media for the decentralized marketplace project also increased on the last day, with Twitter and Reddit receiving an influx of posts and activities related to SYS.
All this anticipates a renewal of the project that will be launched on December 18th.
Syscoin price – SYS / BTC
Over 90% of daily transactions have been against BTC in the last twenty-four hours, with Binance hosting most of the action.
From an initial price of $ 0.029109 (883 sats) on Thursday night, Syscoin climbed 76% to $ 0.051509 (1579 sats), with the maximum landing Saturday morning. Several huge BTC dealer pumps on Binance continued to run, as you can see above.
Prior to the wave, Syscoin was treating 97% injuries since January, and the $ 0.029 range valuation had not been seen since April 2017. The satoshi value of 883 had not been seen for even longer .
Origins of the pump?
The price increase coincides with the anticipation of the rebranding of the Syscoin project, which should go ahead on December 18th. It would not be too cynical to assume a playful little pump and discharge in anticipation of the event, however, some supporters of Syscoin see bigger reasons at stake.
Second a recent post In a group of Syscoin operators, Syscoin is pumping for a multitude of reasons, including:
"… Syscoin Core 3.2 is coming … The merger is coming … BMD 3.2 is coming … SYSio is coming …"
The list of upcoming Syscoin developments goes on and it could very well be a catalyst for the increase in the actions we have seen since Thursday evening.
But then, show me a cryptography / blockchain project that does not have a whole series of coming developments and I'll show you something equally imaginative.
Syscoin on social media
Twitter bots have increased the rumors on the Syscoin front, with an increase of 228% of the tweets arriving Friday night. The wave has continued since then, but as noted at the moment:
"Syscoin up 45.77% with a 1212% increase in trading volume, with daily sentiment remaining high with a 228% increase in tweets. #SYS accounts for only 0.02% of the total cryptographic market capitalization, but 18% of tweets today. "
Syscoin was one of the first launches of ICO in 2014 and was the first blockchain to implement the Lightning network on its main network in April 2017.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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