As time goes by, not all cryptocurrency markets tend to evolve in the same manner. Although there is plenty of bearish momentum to go around right now, it would appear some markets are heading in the opposite direction. In the case of Qtum, things look incredibly promising right now. Hitting the $2 target is certainly possible.
QTUM Price Momentum Intensifies
It is always interesting to see how things evolve in the world of cryptocurrencies and digital assets. While Bitcoin is still on very wobbly legs right now, most of the top markets seem to echo a very similar momentum. Things are a bit different when it comes to QTUM, though, as this market tends to thrive when the rest of the industry is trying to find a definitive direction.
Considering how there is a very strong uptrend for QTUM right now, it will be interesting to see how long the momentum will last. This current 14% gain in USD value and 15.5% increase in BTC value is pretty steep. Thankfully for the altcoin, there is plenty of trading volume to back it up, as there is almost as much trading volume as the project’s market valuation. Impressive statistics, which tend to make one wonder why this is happening right now.
Looking at social media, it would seem there isn’t any real reason for this QTUM price increase right now. In fact, the discussions on Twitter all pertain to this sudden price trend, which has taken plenty of people by surprise, for rather obvious reasons. Coin Kilavuz is confident QTUM will remain at this level or go even higher, as a target of $2.367 is in play right now.
— Coin Kılavuz (@coinkilavuz) December 13, 2018
LisaLisaCryptokyo confirms QTUM’s price in indeed pumping rather hard right now. This massive uptrend is not necessarily sustainable for a long period, even with this current trading volume. After all, there hasn’t been any sustainable uptrend in cryptocurrency throughout 2018. It would be rather unusual to see this altcoin perform better in this regard, although anything remains possible under the current circumstances.
— ❤️LisaLisaCryptokyo❤️ (@LisaLisaTokyo) December 13, 2018
As is usually the case when sudden cryptocurrency price momentum materializes, there will be arbitrage opportunities. According to KoinKnight, there is a triangular arbitrage option to explore in this regard, which can yield a profit of up to 63% by doing virtually nothing. As such, it is pretty interesting to explore this option, even though CoinDCX and WazirX are not the biggest exchanges in the industry.
— KoinKnight (@KoinKnight) December 13, 2018
Keeping all of this information in mind, the main question is whether or not the QTUM price will hit $2. For now, that seems a plausible scenario, even though this big uptrend will require a lot of support first and foremost. Although the trading volume looks impressive, one has to keep in mind it may not necessarily improve much further. As such, an interesting market situation is created, one that can easily turn in either direction.
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.