Contrary to what most people would have expected, the cryptocurrency markets are going through a positive spell once again. One of the currencies noting bigger gains is LSK, as the Lisk price continues to rise in value rather quickly. How long this price trend remains in place, remains to be determined at this stage.
Lisk Price Uptrend Continues
Every single time cryptocurrency prices are going up, one has to wonder how long the overall momentum will last. In the case of the Lisk price, the momentum is still firmly in place, although there is a good chance things will turn around fairly quickly. Even so, the Bitcoin price is still going through its own uptrend, which usually means altcoins such as Lisk will see their own positive momentum as well.
Over the past 24 hours, the Lisk price has successfully risen by another 13.7%. That in itself is a rather surprising development, especially because the Lisk price has risen by similar percentages over the past few days. Considering how such gains are usually unsustainable in the long run, it will be interesting to see how long the Lisk price can remain above $5.25.
These current gains are facilitated by another strong gain in the LSK/BTC department. Thanks to another 10.36% gain in favor of the altcoin, the current situation continues to improve at a spectacular pace. As is usually the case, this trend is likely to reverse once the Bitcoin price turns bearish again. Whether or not that will happen this weekend, is rather difficult to determine at this stage.
Unlike most other altcoins, Lisk is noting such steep gains despite having little to no actual trading volume. To put this in its proper perspective, just $14.13m in 24-hour trading volume is anything but impressive, albeit it seems sufficient to sustain this current Lisk price momentum. If the volume would manage to increase, interesting things can happen to the Lisk price moving forward.
As of right now, Binance remains the leading exchange when it comes to LSK trading volume. Its BTC market is ahead of similar markets on YoBit, Bittrex, Poloniex, and HitBTC. Considering how there are only BTC pairs in the top five, there is no real basis to sustain future Lisk price growth. Even so, cryptocurrencies remain unpredictable first and foremost, and anything can happen in this industry.
It has become rather apparent altcoin price momentum will heavily hinge on how the Bitcoin value evolves in the coming hours. So far, it seems everything is going according to plan in this regard, albeit changes can occur at any given moment. As long as Bitcoin remains in the green, most altcoins will see a similar rate of success. For the Lisk price remaining above $5 will be a challenge, but nothing is impossible under the current circumstances.