The Lisk price surged more than 65 percent following its listing on Japan-based cryptocurrency exchange bitFlyer.
Wednesday has been brutal for the cryptocurrency markets. The Bitcoin price dropped below the $10,000 barrier, while the cryptocurrency market cap entered sub-$500 million territory for the first time since Jan. 17.
One token, however, bucked this trend and posted a strong advance against the dollar. Lisk, a blockchain platform that stores decentralized applications in sidechains (as opposed to the main blockchain, as Ethereum does), saw its price soar during intraday trading.
Shortly before 6:00 UTC, the Lisk price was trading at roughly $21.50 on Bittrex. At this point, it experienced a near-sudden spike, and within the span of 25 minutes, the Lisk price was valued at $36.27, which represented an increase of more than 65 percent. Just as quickly, however, the Lisk price dropped back below $30, but it continues to trade well above its previous level. At present, Lisk is valued at $26.56 on Bittrex, which represents a single-day increase of about 24 percent and translates into a $3.1 billion market cap.
Binance accounts for a plurality of LSK trading, where the token trades against Bitcoin, while South Korea-based Upbit’s LSK/KRW market provides Lisk with its largest fiat trading pair. Most of LSK’s remaining volume is concentrated in BTC and ETH trading pairs.
Lisk’s rally appears directly tied to the token’s listing on bitFlyer, Japan’s highest-volume cryptocurrency exchange.
The addition was notable — and unexpected — since the exchange previously only supported five altcoins: Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, and Monacoin.
Being listed on bitFlyer not only introduces Lisk to one of the world’s largest cryptocurrency markets but also provides the token with a new fiat trading pair since bitFlyer supports JPY trading.
The listing appears to have strained bitFlyer’s server capacity, as the exchange reported multiple outages in the hours immediately following the announcement that Lisk trading had gone live.
Featured image from Shutterstock.
Last modified: May 20, 2020 9:08 PM UTC