Every weekend needs a good cryptocurrency pump for no apparent reason. This week, that nomer belongs to Electroneum, an altcoin which tends to rise and crease in value at quite regular intervals. Its latest gain catapults the altcoin into market cap top 50. A very solid gain, albeit it is unclear if things will look the same three hours from now.
Electroneum Price Surge is in Full Swing
It is evident the altcoins in the top 20 will continue to struggle for quite some time to come. That is primarily because Bitcoin fails to note any real momentum for an extended period of time. Electroneum, on the other hand, couldn’t care less about Bitcoin or its lack of market momentum right now. The altcoin is simply doing its own thing and will continue to do so over the weekend.
Over the past 24 hours, the Electroneum price has noted a 40% gain. That is a four with a zero behind it, whereas other currencies note small to medium-sized losses. Electroneum is surging heavily across both the USD and BTC value, and it seems this trend might not necessarily grind to a halt in the coming hours.
The biggest news in the Electroneum world is how the altcoin is getting listed on Turkey’s biggest cryptocurrency exchange first and foremost. SistemKoin is making a name for itself in this industry, and they will provide USD, Turkish Lira, and Bitcoin for Electroneum moving forward. A bit of positive news, although it doesn’t warrant a 40% gain whatsoever.
Mega news! #ETN is partnering with Turkey's top cryptocurrency exchange to bring 3 new ETN pairings – Dollars, Lira and BitCoin – live very soon.
And SistemKoin allows US citizens to trade, so they'll be able to open an account and buy and sell ETN in USD . Exciting times! pic.twitter.com/J07vTNBSeU
— electroneum (@electroneum) October 26, 2018
This current uptrend is getting a lot of attention across social media, which is anything but surprising at this point. Everyone is looking at the ETN price rise right now, although that does not translate in any additional trading volume whatsoever. That latter aspect is a pretty big problem first and foremost.
— ETN 911RS2 (@ETN911RS2) October 26, 2018
In fact, it seems Crypto Bandogge is keeping a close eye on this particular development. As such, this user seems confident the Electroneum price rocket will not run out of fuel anytime soon. While that is a commendable sentiment, it seems highly unlikely this current trend can remain in place for more than a few hours.
— CRYPT⌬ BAND⌬GGE (@CryptoBandogge) October 26, 2018
Without any real trading volume, ETN will soon begin to plummet. People are already taking hefty profits prior to reaching the $0.02 mark, which is anything but surprising. A further dip to $0.0175 or probably even lower is not out of the question either at this stage. Altcoins offer great ways to make a quick buck, but with no volume to back it up, ETN won’t remain at this level very long.