As the day progresses, we are witnessing some interesting developments in the world of cryptocurrency. With most markets in the deep red right now, it’s all the more surprising that 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 US$26, although it peaked well above US$33 earlier today.
Lisk Price Gets a Massive Pump
More often than not, hype and speculation result in very odd price movements. In the case of Lisk, its price got a major bump because the altcoin is being listed on a new exchange. This had such a powerful effect that the Lisk price went from US$22 all the way to US$33 in one swift move. Such an uptick is never sustained for more than a few minutes, though, and a market correction set in pretty shortly afterward.
Even so, we now have a Lisk price of over US$26, which is 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 whether the price dips to US$22 again or find some stability between US$26 and US$30. The way things are looking right now, it seems more likely the Lisk price will remain above US$25, but reaching US$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 large exchange adds a specific altcoin, the value of said token is bound to appreciate rather quickly. Such hype cycles usually last for two to three days, after which things return to normal as if nothing had happened. Being listed on exchanges doesn’t grant Lisk extra use cases, hence the Lisk price shouldn’t necessarily rise to over US$10 as a result.
With US$274.15 million worth of 24-hour trading volume, there certainly seems to be a big demand to both buy and sell Lisk right now. Do keep in mind this volume reflects the massive price pump to US$33 earlier today, and the subsequent selloff that pushed the price to US$26 and change. If this trend keeps up, there is a good chance that US$25 won’t be solid support for all that long. It will all depend on what the Bitcoin price does during the next 12-18 hours, as that is still the main market to keep an eye on right now.
Binance is currently the leading Lisk exchange in terms of trading volume. Its BTC and ETH markets are both among the top five as of right now. Bittrex, Upbit, and Bit-Z complete the top 5 in that order. Upbit is the only fiat currency gateway for Lisk in the entire top 5 right now, which means people are simply buying cheaper altcoins in order to accumulate more Bitcoin. This may eventually result in a steep Lisk price drop later today or tomorrow.
As is always the case in cryptocurrency, there is no indication as to 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% on Bitcoin over the past 24 hours, 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.