By CCN.com: One has probably never heard of Japanese Content Token (Ticker: JCT), a crypto-asset issued by a Singapore-based blockchain firm. But that has not deterred the cryptocurrency from jumping more than 700-percent in merely two hours.
The JCT-to-dollar exchange rate was trading close to $0.045 at around 0730 UTC. By the time the clock hit 0930 UTC, the pair had jumped a Mount Everest, establishing its historical high towards $0.362. It noted a small downside correction afterward, dropping 16-percent to indicate that traders were beginning to exit the market on surplus intraday gains.
Based on a 24-hour adjusted timeframe, the JCT surged 651-percent against bitcoin. The same timeframe witnessed JCT appreciating 625-percent against Ethereum, the second largest cryptocurrency by market capitalization. Exchanges trading JCT-enabled pairs posted volumes worth $704,229.
Such a small volume didn’t justify how JCT added $93 million to its total valuation. Besides, one of the exchanges – unregulated – posted more than 41-percent of the overall daily volume for JCT, which raises doubts about potential wash trading and price manipulation.
Fundamentals, if any
JCT didn’t have a history of price explosions. It didn’t even have an essential past at all. The crypto-asset got listed on CoinMarketCap.com on April 2, the day the bitcoin price surged 23-percent to close above a significant resistance level. JCT was trending sideways ever since, existing without much notice to an average crypto trader, especially when the larger capitalization coins were recovering impressively.
Nevertheless, the Japanese Content Token kept adding small recognition to its profile. It got listed on five crypto exchanges to begin its innings as any speculative crypto-asset. And, ahead of the listings, the team behind the Japanese Content Token signed a partnership with public blockchain project TomoChain.
🥂Welcome onboard, Japan Content Token (JCT)!https://t.co/4sv2clg9jd
— TomoChain (@TomoChainANN) March 21, 2019
On the whole, the upside opportunities seem to have faded. Traders wondering about entering long positions on intraday highs must do so if they can handle a potential dump. Meanwhile, they must maintain a stop loss position against the direction of their trade. Such a strategy would ensure they exit the JCT market on a minor loss should there be a bias reversal scenario.