(+) Trade Recommendation: Ethereum
8 months ago admin2 Comments Off on (+) Trade Recommendation: Ethereum
Lisk cryptocurrency has quietly put together a stellar month, with prices enjoying bitcoin-level growth en route to new highs. The little-known coin maxed out above $10.50 earlier this month before paring back gains in the final week. Just a few months ago, it was trading pennies on the dollar.
LSK Price Levels
The value of List was down nearly 6% on Thursday to $7.49 U.S., according to CoinMarketCap. The cryptocurrency turned over more than $37 million in the last 24 hours, which is equivalent to roughly 3,567 bitcoin.
Much of the buying activity has occurred via Bittrex, a U.S.-based exchange that processed nearly one-third of total LSK transactions. Poloniex was responsible for more than 18% of trade volume.
At present values, Lisk has a total market cap of $864 million, which is enough for 18th spot on the global cryptocurrency list. The application system reached a high of $10.58 earlier this month, bringing its total market cap above $1.2 billion. Currently, only 15 cryptocurrencies are valued at $1 billion or more.
Lisk’s value relative to bitcoin has declined sharply in recent weeks as the original blockchain currency surged past $11,000 for the first time. LSK/BTC peaked at 0.001202 on Nov. 15 before hitting those levels again a few days later. Prices have since plunged to 0.000710 for a decline of more than 40%.
The LSK token has also run into volatility against Ethereum, with prices bouncing from all-time lows. LTC/ETH was last down 2.1% at 0.19828. Last week, the pair bottomed out near 0.163126.
Although Lisk has largely flown under the radar, it seems to be gaining momentum across the globe. That South Korea is not the center of the altcoin’s massive success suggests that Lisk’s latest upswing is generating global appeal. Today, the cryptocurrency can be purchased from most major exchanges.
Unlike other mainstream cryptocurrencies, Lisk markets itself as the first “modular cryptocurrency utilizing sidechains.” This protocol essentially allows anyone to use its design blocks to create their own decentralized application. This makes the platform ideal for app developers. In fact, Lisk’s motto is to become the “de-facto” standard for blockchain apps.
Lisk raised more than 14,000 bitcoin in its public crowdsale long before initial coin offerings (ICOs) were a major thing. Since Lisk issued its crowdsale, the ICO market has exploded into a multi-billion-dollar industry.
Crypto enthusiasts will also be interested to learn that two of Ethereum’s former brass joined the project in the summer of 2016. Lisk managed to pluck former Ethereum CEO Charles Hoskinson and ex-adviser Steven Nerayoff. With a market cap of more than $44 billion, ether has done just fine since the departure of Hoskinson and Nerayoff.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.