August 1, 2018, started off as a ‘regular’ day for Civic (opening for trading at $0.164), carrying over the decline from the previous day until it took an unexpected turn.
The tides quickly turned for Civic as the value of the token mooned reaching a cumulative gain of up to 200%.
The rise in value saw Civic (CVC) trade as high as $0.396, before closing for trade on the same day with a value of $0.198.
Reason for the Civic (CVC) spike:
Sudden spikes of this sort in the value of digital assets are usually linked to exchange listings, sealing a new partnership or the launch of a new product or service by its company.
That is not the case for Civic, as the project has not been through any of the above market moving events in the last couple of days. The spike in the value of CVC can be linked to only one factor – daily trade volume.
It is no coincidence that the price of CVC skyrocketed by almost 200% the same day the daily trade volume of Civic took a quantum leap.
On the 1st of August, Civic registered a daily trade volume of $3,410,640, however, on the day CVC spiked, the daily trade volume recorded by Coinmarketcap is $59,695,200. The spike in volume was sustained until the next day before dropping sharply.
The trade volume of August 2nd represents a rise of over 17,000% from the previous day. The reason for the sudden mooning of the daily trade volume of Civic is yet to be ascertained.
Current market status of Civic (CVC):
Civic may have made the spotlight with a jump of over 200% in less than 24 hours, but the effect is very short lived.
Bending to the will of the bears, Civic falls back into decline with more than 70% of the cryptocurrency market on August 3rd.
Over the last 24 hours, CVC has experienced a devaluation of 4.59% which leaves the token with a value of $0.163, and a market capitalization of $55,899,380 makes Civic the 128th largest cryptocurrency by market cap.
Similar to the value and market cap, the daily trade volume of Civic is also in decline. Over the last 24 hours, Civic records a trading volume of $9,342,800. Regardless of the drop in price, Civic continues with positive announcements.
Civic partners with HireHopping:
No slowing down in its quest for widespread adoption as Civic Foundation announces that HireHopping is the latest partner and to be beneficiary of its blockchain.
HireHopping, a company that offers mobile renting and hiring of goods on a mobile app of the same name would be leveraging Civic’s blockchain through their partnership.
The partnership will see Civic bring a safer and more secure identity verification model to the HireHopping mobile application.
Civic will integrate its vastly trusted identity verification along with its reusable KYC product on the HireHopping mobile app.
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