As all cryptocurrency markets continue to feel the pressure, a lot of investors grow uneasy. The extensive bear market of 2018 has gone on for some time now and seems to grow worse over time. Polymath, one of the lesser-traded altcoins, is making a small move up at this time. A somewhat surprising turn of events, albeit some ecosystem developments are worth paying attention to.
Polymath Price Momentum is Surprising
It is very difficult for any cryptocurrency or digital asset to buck the negative trend in 2018. Every small uptrend is suppressed pretty quickly, which makes for very unfavorable market conditions first and foremost. Whether or not this current Polymath price trend can remain in place for more than a few hours, is very difficult to guesstimate at this point. The overall market conditions do not warrant such a positive trend for more than a few hours.
Over the past 24 hours, there has been a very notable Polymath price increase across the board. The USD value rose by 8.3% to $0.14, whereas the altcoin gained 9.4% on both Bitcoin and Ethereum. All of these gains are pretty impressive, especially when considering how there is just $2.6m in 24-hour trading volume. After all, with no real volume, there is no possibility of sustaining an uptrend.
On social media, it would appear there are some interesting developments taking place behind the scenes of Polymath. The team recently unveiled their “documentation” on understanding how this protocol works exactly. Their focus on security token offerings is considered somewhat controversial at this time, albeit it is not entirely abnormal to see something like that materialize at such a crucial time.
Understanding the Layers of the Polymath Networkhttps://t.co/bDTsorCGfM
— Polymath (@PolymathNetwork) December 14, 2018
The social sentiment regarding Polymath also appears to be on the rise. The team over at The Tie confirms there is a notable increase in Twitter activity, which coincides with the current overall price increase. Whether or not that will be sufficient to keep things moving in this direction, is a different matter altogether. Anything is possible in this industry.
— The TIE (@TheTIEIO) December 15, 2018
Given all of the talk about security token offerings, the Polymath team also outlined a new standard known as ERC-1400. It is another step in the evolution of security tokens and one that seems to confirm there is a future for STOs despite pressure from various government agencies. As such, the Polymath price uptrend may be somewhat warranted, at least depending on how the ecosystem as a whole will move ahead.
— Ethereum Network (@EthereumNetw) December 12, 2018
With all of these gains across the board, one would expect things continually improve from here on out. At the same time, Polymath seemingly doesn’t have the trading volume to make big things happen. It will be an interesting market to keep an eye on under these circumstances, albeit nothing has been set in stone as of yet.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.