While most people are keeping a very close eye on the top cryptocurrencies, interesting things are happening outside of the top 10 as well. The Lisk price has seen a pretty solid run over the past few months and it’s now inching closer toward that $10 target. Its market capitalization has also surpassed US$1 billion for the very first time, which is pretty interesting. Cryptocurrencies as a whole continue to grow; that much is evident.
Lisk uptrend Should not be Ignored
There are quite a few cryptocurrencies a lot of people tend to overlook these days. In most cases, that is only normal, although some of these altcoins can sometimes come back in a major way. Lisk is an interesting example of how quickly things can evolve in the price department. The past three months have been especially spectacular, as the Lisk price has risen from under US$2.5 all the way to its current value of US$9.83.
It is remarkable how altcoin prices have evolved over the past few years. In the case of Lisk, the price growth is certainly visible for everyone to see. While most people aren’t necessarily paying attention to this currency, it is evident there are some good things happening for this altcoin. Considering there doesn’t appear to be a specific Lisk supply cap, very few people ever expected this currency to be worth more than US$1, let alone achieve almost ten times that value.
The growth from under US$2.5 to nearly US$10 has materialized over just three months. A 300% increase in value is pretty spectacular for any cryptocurrency, especially one that seems to have flown under most people’s radar. There have been some interesting developments in regard to Lisk, even though it remains to be seen how this market growth will be sustained in the long run. The rise from US$5 to US$9.83 has materialized in just a week, which seems to indicate there may be a pump factor involved as well.
With US$124 million in 24-hour trading volume, Lisk is certainly in higher demand than some of the top 10 altcoins. That is a very strange development to keep an eye on, as it may hint at unnatural growth. We have seen similar trends affect other altcoins in the past few weeks, and it is very likely the Lisk price will come down to the US$6 level in the coming weeks. At the same time, cryptocurrency is not a rational market, and much stranger things have happened than what we are seeing.
For once, we don’t see Bithumb dominating the trading of a currency which is surging in value. The Lisk price is being driven by Bittrex, Poloniex, and BitBay in that order. Those first two exchanges trade Lisk against Bitcoin, whereas BitBay primarily uses the Polish złoty. They are the only three exchanges generating over US$5 billion in 24-hour volume, representing 90% of all Lisk trades right now. It’s a somewhat odd trend, but it is too early to tell where things will head next.
One thing to keep in mind is that Lisk now possesses a market cap of over US$1 billion. A few months ago, we had a handful of currencies worth that much money. Right now, there are 12 currencies in this club, with at least one more on the cusp of this threshold later this week. The growth of cryptocurrency in general has been pretty spectacular, though how things will play out for the Lisk price remains to be determined.