As the day progresses, we are witnessing some interesting trends in the world of cryptocurrency. With most markets in the deep red right now, it’s all the more surprising the Lisk price is in the green. More specifically, its value has increased by 13.25% in the past 24 hours. As a result, we now have a Lisk price of over $26, even though it initially peaked well above $33 earlier today.
Lisk Price Gets a Massive Pump
As is usually the case in the world of cryptocurrency, hype and speculation can result in some very odd price movements. In the case of Lisk, its initial price got a major pump because the altcoin is getting listed on a new exchange. This had such a powerful effect the List price went from $22 all the way to $33 in one swift move. Such an uptrend is never sustained for more than a few minutes, though, and the market correction set in pretty shortly afterward.
Even so, we now have a Lisk price of over $26m, which is still a nice 13.25% increase compared to just 24 hours ago. With a lot of profit taking already behind us, it will be interesting to see if the price will dip to $22 again or find some stability between $26 and $30. The way things look right now, it seems more likely the Lisk price will stay above $25, but reaching $30 again today will be very difficult.
Such odd price movements are nothing new in the world of cryptocurrency, though. Every time a medium or big exchange adds a specific altcoin to its platform, the value of said token is bound to appreciate in value rather quickly. Such hype cycles usually last for two to three days, after which things return to normal as if nothing happened. Being listed on exchanges doesn’t grant Lisk extra use cases, hence the Lisk price shouldn’t necessarily gain over $10 because of it.
With $274.15m worth of trading volume, there certainly seems to a big demand to both buy and sell Lisk right now. Do keep in mind this volume represents the massive price pump to $33 earlier today, and the subsequent sell-off to push the price to $26 and change. If this trend keeps up, there is a good chance $25 may not even become solid support for all that long. It will all depend on what the Bitcoin price does in the next 12–18 hours, as that is still the main market trend to keep an eye on right now.
Binance is currently the leading Lisk exchange by trading volume. Their BTC and ETH pairs are both in the top five as of right now. Bittrex, Upbit, and Bit-Z complete the top 5 in that order. It is evident Upbit is the only fiat currency gateway for Lisk in the entire top 5 right now, which means people are simply buying cheaper altcoins to accumulate more Bitcoin. This may eventually result in a steep Lisk price drop off later today or tomorrow.
As is always the case in cryptocurrency, there is no indication of how the markets will evolve later today. With the current 24-hour losses visible for all top coins, there’s a lot of work to be done before things can return to normal. Even though Lisk gained 20.21% in BTC value, it is doubtful that ratio can be maintained for much longer. There is a lot of money to be made and lost when the markets are so volatile, that much is rather evident.