Electroneum Price Begins to Slide Despite Ongoing Growth in South Africa

When it comes to the different cryptocurrencies on the market, there are always opposite trends and developments to take into account. Whereas most markets try to note some form of bullish momentum, Electroneum is heading in the opposite direction. So much even that the Electroneum price has now officially turned bearish, at least temporarily.

Where is the Electroneum Price Headed?

In the cryptocurrency world, there is no such thing as individual markets making sense to the average onlooker. Electroneum is a very interesting example in this regard, a sit follows a completely opposite trend compared to  Bitcoin and other top markets. Although some bearish pressure looms ahead for most cryptocurrency markets right now, one wouldn’t necessarily expect ETN to be one of the first to note pretty steep losses at this time.

Over the past 24 hours, the Electroneum price has lost 0.86% in USD value and 1.44% in BTC value. As a result, one ETN is now priced at $0.006040, or 148 Satoshi. It is rather interesting to keep an eye on both of these trends, although neither of them is looking too great. Perhaps the most worrisome aspect is how ETN’s trading volume has collapsed entirely. After several days of multi-million dollar trading, the volume has dropped to $281,000 again. Not the most impressive development.

On social media, it quickly becomes apparent some interesting things are happening behind the scenes. South Africa appears to be an interesting market for Electroneum right now. An informal trader has begun spreading the word about ETN and is now telling others about how this ecosystem works. It is an intriguing region as far as cryptocurrencies are concerned. South Africa could become a hotbed of crypto activity, assuming regulators allow it to thrive in the years to come.

Speaking of Electroneum’s presence in South Africa, it would appear a local car wash now officially accepts ETN transactions in exchange for its services. Although this may not prove to be the most lucrative option for this particular company, it is comforting to see cryptocurrencies make inroads in this part of the world. There is still a very long way to go until Electroneum becomes really big in South Africa, but these are important steps in the right direction.

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It is always interesting to see how altcoin traders deal with the current uneasy market momentum. WallSt, for example, is quite happy with his ETN holdings, even though this market is one of the first to dip in the red in such a decisive manner. Other altcoins are not doing too great either right now, but that is only to be expected under these circumstances. It is always possible ETN will recover at some point in the near future, although one never knows for sure.

For the time being, it remains to be seen what the coming hours will hold for all cryptocurrency markets. If Electroneum is an indication of what is yet to come, there will be a major downtrend for all markets in the near future. That wouldn’t necessarily be appealing to traders and speculators, but it remains to be seen what will come next. For now, the $0.006 level should remain intact, but there will be some pressure on this market for some time to come.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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