Bitcoin Private (BTCP) was off to a rough start on the Nanex exchange, as its price lost more than 33% overnight to around $53. The Bitcoin fork, which at one point was seen hitting $500, was hurt by being listed on a still brand-new, low-volume exchange. Reaching a higher price would be a struggle, and BTCP did not even manage the Bitcoin Gold (BTG) achievement of a price near $500.
At the same time, ZClassic (ZCL) turned out to be an abandoned project, more or less left to the community to revive and find a new direction, if there are any takers. Nodes run by the team will have a planned shutdown in April, and will be turned over to the community. This also means that until a new team takes up the coin with a new strategy, ZCL remains a zombie blockchain and asset, moving forward and trading blindly.
The ZCL market price slid further, losing more than 17% in the past 24 hours to $7.62.
Both assets have become an example in the crypto space, for what greed could do. Instead of creating an appealing and booming asset, both coins started off with somewhat of a tainted image. And then, it turned out that even Bitcoin Private could not compete, despite hitting all the right trends.
The arrival of Bitcoin Private also coincided with serious sell-offs, as well as a loss of interest in Bitcoin. Also, other privacy coins have already taken over, and Monero (XMR) keeps ruling the roost ahead of the fork coming on March 14.
don’t sell $BTCP under $1,000
— 𝕮𝖗𝖞𝖕𝖙𝖔 𝕾𝖙𝖗𝖆𝖙𝖙𝖔𝖓 (@cryptostratton) March 12, 2018
Yet there is some optimism for BTCP in case it hits exchanges with enough volumes. At the moment, it is thin trading on obscure markets that is limiting BTCP. But it is unknown if the asset can reach more significant prices even with larger volumes.
Despite the 10,000 Telegram members, the BTCP crowd right now is not too happy. Even Bittrex withdrawals seem to be disabled for the moment. The developer team is accused of not pushing hard enough to get on exchanges.
At this point, it is unknown what has happened to the additional ZCL mined, which was supposed to finance exchange listings.