Today proves to be a very interesting day for holders of coins and tokens most other enthusiasts have never heard of. Ubex is a relatively new token which is currently going through a massive price uptrend right now. Over the past 24 hours, its value has gained over 500%, albeit it seems that may be due to an exchange bug first and foremost.
Ubex Price Gets a Nice Nudge
It is not uncommon for cryptocurrency speculators to get excited over new tokens when they hit an exchange. In the case of Ubex, the price has seen a bit of awkward momentum over the past few days. A massive spike several days ago was followed by an even steeper dump. That is not entirely abnormal, as that is how most altcoins tend to evolve over time.
In the past 24 hours, however, it would appear the Ubex price has gone through another massive uptrend. Its value has increased by over 500% across the USD, BTC, and ETH departments alike. Considering how this increase is triggered by a trading volume of under $650,000, it is evident the uptrend will not remain in place for very long. In fact, this pump cycle might make even more people averse of what the token has to offer.
According to the Ubex Community Twitter account, the main reason for this inflated price is because of Bitmart messing up. This small altcoin exchange has seen an “issue’ and is in the process of addressing the matter. How they will fix the problem exactly, is very difficult to predict, but it is evident this market is very easy to manipulate in its current state.
So this happened to Ubex’s price. The cause was a unknown pump on the exchange Bitmart which is evident in the exchange list on CMC. Bitmart has addressed the matter and are now under maintenance. #Ubex #bitmart pic.twitter.com/B4crFKto5v
— Ubex Community (@CommunityUbex) October 19, 2018
This current Ubex price pump has also allowed the token tor each a new all-time high in the BTC department. That in itself is pretty interesting to keep an eye on, primarily because no one expected this uptrend after the most recent market dump. Cryptocurrency markets work in mysterious ways these days, and small-cap tokens often see wild rides like these despite overall negative market pressure.
— cryptosignals (@altcoinie) October 19, 2018
There is one bit of positive news regarding Ubex which cannot be overlooked. The project recently agreed to a partnership with LMD, a digital advertising platform which will use this project’s native technology moving forward. The associated Medium post explains all of the specific details regarding this partnership and how it might affect the value of Ubex over time.
— ₿ullish Dipper ?? (@crypto_dipper) October 19, 2018
It is evident for everyone to see this Ubex price pump will not remain in place for a long time. Especially not when people start taking profits, as the inflated value remains in place across Bitmart right now. The other exchanges trading this token provide a far lower market value, which is more in line what one would expect Ubex to be priced at. Things should return to normal fairly quickly.