Bitcoin-rival stellar, a top ten cryptocurrency by value that’s seen its price plummet since peaking in early 2018, suddenly soared today–only to crash back almost instantly.
While the bitcoin price remains mostly flat, and other major altcoins including ethereum, Ripple’s XRP, and litecoin, make some reasonable gains, stellar jumped a massive 35% in the last few hours, just to fall back again, according to the latest prices on the U.S.-based bitcoin and cryptocurrency exchange Coinbase.
Bitcoin and cryptocurrency market watchers on Twitter were quick to point to a so-called pump-and-dump moving the price, where a trader buys a significant amount of an asset in order to push the price higher then sells even more of it at the inflated price.
However, a Twitter bot which tracks big trades in most major cryptocurrencies, has not recorded any sizable stellar transactions today.
Earlier this week, sizable gains among the likes of ethereum, Ripple’s XRP, and litecoin caused some to speculate the long-suffering altcoin market might be making a comeback.
“Looking at the crypto markets right now, it’s plain to see that bitcoin has been extremely stable,” eToro senior market analyst Mati Greenspan wrote in a note to clients today.
“It seems that while bitcoin’s performance is lagging, some of the altcoins have been zooming. To me, it seems like it’s still a bit early to be calling this an ‘altseason’ but it certainly has the potential to turn into one.”