For most altcoins, getting listed on a prominent exchange will send prices upward. In the case of PIVX, the momentum looks surprisingly different, albeit it is unclear why that is the case. Despite getting listed on Bithumb, the price has plummeted by over 12%. A very peculiar trend worth keeping an eye on.
PIVX Price Trend Makes Little Sense
While it is true there is an overwhelming amount of bearish pressure across all cryptocurrency markets right now, it is evident some trends make less sense than others. In the case of PIVX, its current price is a lot lower than people had anticipated. This is not a positive way to head into the weekend, albeit it remains to be seen if any improvements can materialize in the coming few days.
Over the past 24 hours, the PIVX price has lost over 12% in value. There is also an 11% decline in the PIVX/BTC ratio. It is not uncommon for altcoins to lose a bit of value when Bitcoin is struggling, although such hefty declines are not warranted at this time. Especially not given the recent major exchange listing of PIVX, even though it seems that has not done the altcoin any favors so far.
To put this in perspective, the PIVX altcoin has been added to Bithumb. This is still one of South Korea’s biggest cryptocurrency exchanges. Newly added coins usually get a bit of a pump when trading goes live, yet it is not happening for PVIX at this stage. In fact, its ongoing decline today has only worsened ever since Bithumb trading went live, which is rather unusual.
$PIVX trading has begun at 10/18 18:30 KST on Bithumb exchange! Here's a quick video starring @BryanDoreian of this exciting new addition. @BithumbOfficial @Bithumb_Korea #dyk #pivxpress #PIVXhttps://t.co/kubm6LLI1Q
— PIVX (@_pivx) October 19, 2018
Some community members see this addition to Bithumb as a validation of how PIVX is a potentially valuable privacy-oriented currency. Claiming it is better than any other privacy coin on the market might be a bit of a stretch, although one can easily understand where this sentiment is coming from. PIVX certainly has its merits, but no currency is perfect by any means.
— The Crypto Hog (@MehHog) October 18, 2018
It is quite interesting to note how this PIVX price downtrend occurred just a few hours after people got excited over its recent 7% spike. Trading momentum can turn around very quickly in the cryptocurrency world, and this particular altcoin is going through such a round at this stage. It is possible things will turn around, but so many currencies are down right now. Bucking the trend is pretty difficult given the current circumstances.
State of the Top 💯 #Cryptocurrencies – last 24h
— Crypto Gulp (@CryptoGulp) October 18, 2018
With the weekend around the corner, it will become all the more difficult for altcoins to note any real gains. A listing on Bithumb can usually have a positive short-term effect on any altcoin, and PVIX might not even be an exception in this regard. At the same time, the overall crypto trading volume looks abysmal, and it seems no real improvements should be expected in this regard. A worrisome outlook, although cryptocurrencies remain unpredictable first and foremost.