The price of PIVX increased sharply on Wednesday, despite the fact that the price of other cryptocurrencies fell. The token reached a high of $0.2265, its highest level since August 28. The coin was up more than 44% from its lowest point this week at its peak.
What is PIVX and why is it on the rise?
The PIVX price defied gravity on Wednesday, despite the fact that the prices of other digital coins plummeted. Bitcoin fell to a low of $18,000, while the total market capitalization of all digital cryptocurrencies fell below $1 trillion.
To begin, PIVX is a cryptocurrency focused on privacy that emerged as a hard fork of Dash. Dash, on the other hand, was born from a hard fork of Litecoin, one of the world’s oldest cryptocurrencies.
PIVX transactions are classified into four types. The first type of transaction is transparent, in which the sender and recipient’s addresses are both made public. Second, de-shielding transactions occur when a shield address sends funds to a transparent address.
Finally, a shielding transaction occurs when a transparent address sends to a shield one. Finally, a shield transaction occurs when one shield sender sends to another shield address.
Another feature of PIVX is that it rewards users simply for holding the token. According to its website, the token’s average daily reward is 2.52 PIV, with an estimated annual yield of 9.18%. The total supply of masternodes has increased to 24.53%.
It is unclear why the PIVX price is rising while other cryptocurrencies are falling. One possible explanation is that this is a pump and dump scheme. Users complained in 2021 after losing over $112 million in a token pump and dump scheme.
PIVX price prediction
The PIVX price reached a high of $0.3450 on August 27 of this year, according to the four-hour chart. This was a 140% increase over the previous month’s low. It then experienced a freefall as demand for the coin fell, and it then entered a distribution phase.
As the coin fell, it formed a falling wedge pattern, which is depicted in black. This pattern is usually a bullish sign in price action analysis, which explains why its price rose. Still, with volume remaining low, the coin is likely to resume its bearish trend in the near term.