With so many people focusing their attention on the main cryptocurrencies these days, one would almost forget that other coins and assets appreciate in value as well. Sitting just outside of the top 10, Lisk has been making a lot of waves over the weekend. With the Lisk price increasing to nearly US$7 out of the blue, there is a lot of speculation taking place. Thanks to a growing trading volume, the Lisk price may very well keep on climbing for some time to come.
Lisk Price Jump Surprises Everyone
It is evident the Lisk ecosystem has something valuable to offer; otherwise it wouldn’t be around any longer. Contrary to what some people initially believed, this particular cryptocurrency ecosystem has done quite well for itself and is now reaping the rewards for all of the hard work. With the Lisk price climbing to nearly US$7 over the past 24 hours, there doesn’t appear to be a shortage of positive momentum right now. Then again, the bigger question is whether or not this will be just a quick pump-and-dump.
Considering how Lisk is seeing less than US$100 million in 24-hour trading volume, it is evident the markets didn’t take much money to be moved in a significant manner. We have seen a 22.19% price gain over the past 24 hours alone, catapulting the Lisk price to just under US$7. Three months ago, LSK successfully broke the US$1 mark, which was considered to be a major milestone for this relatively young project. Ninety days later, that price has increased sevenfold, which is quite impressive to say the least. The all-time high value for LSK is US$7.27, which was recorded overnight.
So far, it appears the majority of trading volume comes from the Bittrex and Poloniex exchange. That isn’t entirely surprising, as they are two of the largest altcoin markets in the world today. However, there is also some positive attention from Chinese exchanges, including Jubi and BitBays. Although these are not necessarily the biggest names in the business, they provide LSK/CNY gateways for speculators and traders. The Chinese market is still crucial to all cryptocurrencies these days.
For the time being, it seems the Lisk price may continue to appreciate, although there will be a lot of profit-taking throughout the day today as well. Indeed, with the trading volume remaining pretty low, we may not go much higher than US$7 in the next 24 hours. At the same time, we have seen other altcoins explode despite market resistance and perform beyond expectations. The Lisk community is quite excited about these developments, for obvious reasons.
There are several valid reasons as to why people have shown an increasing interest in Lisk, mind you. The ecosystem itself is designed to attract new developers from all over the world looking to experiment with smart contracts and decentralized applications. Moreover, the Lisk token can effectively serve as a currency for sidechain applications if the developers prefer it that way. Considering how the network is theoretically capable of supporting an infinite amount of sidechain applications, there is plenty of room for future value increases. Whether or not that will be the outcome in this particular case remains to be determined, though.
Although one may argue Lisk isn’t doing anything Ethereum isn’t capable of achieving, it remains to be seen how things will play out. For the time being, it appears there will be a Lisk rebrand on the horizon to make the project more attractive to third parties in the future. It seems this has caused the Lisk price to move up quite a bit as well, as many of the steps outlined in the official roadmap are finally coming together. More competition in the world of trustless blockchain apps, smart contracts, and sidechains is never a bad thing.