Binance trading tournament boosts QTUM price

[acarli]

Yesterday I was surprised and found that QTUM's price increased by 50% in the last 24 hours. Wow, that got my attention. The only news I could find on QTUM was the tournament that Binance is having for the new trading pairs for QTUM. (USD & BNC). That has to be the reason why QTUM is increasing so much. That can not be a sustainable price increase for QTUM, so I sold.

Anyone else has an opinion? Did you sell or buy on the momentum?

[jmlona]

I was wondering as to what the reason was for the pump. If that's the reason then it's surely going to be followed by a dump. I don't hold any QTUM but would've been selling on a 50% daily increase if I did hold it, whatever the reasoning behind it was. So basically there's a competition and whoever profits the most on qtum wins or whoever has the most volume?

[acarli]

I agree with you 100%. That's exactly what I did. Sold it. My reasoning was that there was no fundamental change in QTUM. No new news other than a competition. Even though it has not gone down yet, I still feel that it was a solid move.

[MadGamer]

Regardless of what other people do in this kind of situations, the best thing in my opinion would be to sell because more people might join out of ignorance while looking to make quick profit and the price may indeed increase for a while but will eventually crash.

[acarli]

Regardless of what other people do in this kind of situations, the best thing in my opinion would be to sell because more people might join out of ignorance while looking to make quick profit and the price may indeed increase for a while but will eventually crash.

Interesting you would mention that. I was reading about the momentum trades where people buy ONLY on the price move, which is counterproductive in my opinion. The "Value vs. Momentum" is decreasing. No change in inherent value (or perceived, actually) but an increase in momentum. That's my signal.