Alibabacoin [ABBC] has soared by over 100 percent as the collective market has seen divergent movement, with low volatility. The current market cap of the global market stands at $130 billion, a $3 billion increase since the previous day.
Alibabacoin was trading for $0.0623 at the beginning of the month and when the entire market turned bullish post February 18, ABBC was also pushed up by a whopping 74.25 percent, its highest price since the close of November. Following this precursor, from February 22, the coin’s price began to skyrocket.
The coin’s major push, when the price line looks almost perpendicular to the x-axis, was during the early hours of February 28, when the price surged by a massive 108.06 percent in terms of the 24-hour price increase. At press time, the coin was maintaining a price point above $0.3.
In terms of total valuation, the coin’s market cap was first noted on 26 February, starting at $49.36 million and steadily rising till it touched $69.05 million by 0530 UTC on 28 February. ABBC began its surge from this point, shooting up by a mammoth 80.22 percent in the next three hours. The coin broke the $100 million-mark during the rise and is now pegged at $120.68 million. Alibabacoin has slightly dipped from its highest valuation of $126.01 million.
Headquartered in Dubai, the United Arab Emirates, the coin is backed by the ABBC Foundation and spearheaded by their CEO Jason Daniel Paul Philip. Despite the similarity in the name, the coin is not owned or related to the China-based e-commerce giant Alibaba Group.
Back in October 2018, the case of the name dispute translated into a trademark infringement case between the two aforementioned companies was heard by the Southern District Court of New York. Judge James Paul Oetken initially took the side of the Chinese company, awarding them a preliminary injunction.
However, as the dispute carried on, Judge Oetken overruled the motion on a jurisdictional basis, stating that the e-commerce giant could not prove that the cryptocurrency company was adversely affecting Alibaba’s market performance.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.