Bitcoin
This Is Why Lisk (LSK) Could Hit $100
Unlike many of its counterparts in the cryptocurrency space, Lisk (LSK) has had a relatively rocky run to reach current levels. A look at the daily chart for this one (which is below) reveals some substantial periods of appreciation, which are often followed by steep corrections amounting to 50% or even 75% of the initial run.
LSK Daily Chart
As an investor or trader that’s held LSK across this rollercoaster period, chances are it’s been pretty tough. There is a positive way to look at it, however. The fact that the market has repeatedly corrected before resuming its overarching upside momentum suggests a degree of maturity; maturity, being, of course, one of the major factors missing from many of the other markets in this space right now.
If we are right, this maturity suggests that current prices are very much supportable from a fundamental perspective and, in turn, that continued advance could well be on the cards for Lisk as we head into 2018 and beyond.
Of course, right now, price is hitting all-time highs which means that we might be in for a near-term correction before once again seeing a resumption to the upside momentum. If this the case, however, any near-term correction could be a nice opportunity to jump in and pick up some cheap tokens before things reverse.
So what is Lisk?
The best way to think about Lisk is a decentralized application building platform but, unlike platforms like Ethereum, Lisk offers developers the opportunity to create applications using JavaScript. Ethereum, in contrast, necessitates that its developers create applications in a language called Solidity. Far more people know and understand JavaScript than do Solidity meaning Lisk could potentially be a much quicker and easier way for developers to build applications of all different types while still relying on the smart contract technology that something like Ethereum offers.
Lisk also employs sidechains to help overcome both scalability and internal error issues. To put all this another way, if a developer wants to develop an application on the Ethereum platform, they do so using Solidity and the application is built directly onto the Ethereum blockchain. With Lisk, on the other hand, the applications are built on sidechains which are then connected to the primary Lisk blockchain.
So what does this mean?
Well, it means that if there are any issues with the application, the issues are restricted to the sidechain and won’t (for the most part) impact the primary chain. It also means that thousands of applications can be built using Lisk and be running simultaneously without choking the primary blockchain network – again, something that has plagued Ethereum over the last year or so as the wave of ICOs and decentralized applications has hit the network.
So where do we think this one’s going next?
As mentioned above, there is a good chance that, near term, we might see some degree of correction as the shorter-term operators take profits off the table and markets consolidate. Again as mentioned above, however, we don’t see this as a bad thing. Consolidation is a sign of maturity and for anybody looking to pick up a long-term exposure, it offers a cheap way to do exactly that.
As far as fundamental advance is concerned, it’s all about adoption. If the company can attract more developers to its platform then more LSK is going to be required to fuel the development and operational activity of the applications said developers create.
As such, we are looking for any indication that the platform is becoming more popular (such as that which we are seeing right now) as supportive of a long-term bullish thesis for Lisk and, in turn, LSK.
We will be updating our subscribers as soon as we know more. For the latest on LSK, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Lisk
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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