Not much is happening in the world of Bitcoin and altcoins. A lot of projects are stuck in downward and sideways trends, which makes for a rather bleak Sunday afternoon. One notable exception is Electroneum, as its price has been on a tear as of late despite just $2.1m in trading volume.
Electroneum Price Notes Strong Gains
Considering how all other cryptocurrencies are on the mend right now, it is all the more impressive to see Electroneum note some solid gains. Courtesy of an 8% increase in USD value and a 9% gain over Bitcoin, the current ETN price sits at $0.021, A very decent level, especially when considering how this altcoin noted strong gains not that long ago.
With this latest gain, a rather worrisome trend has been highlighted. Unlike most other cryptocurrencies, Electroneum is still struggling for decent trading volume. The altcoin has noted just $2.135m in trades during the past 24 hours. That is very low, especially for a cryptocurrency which isn’t known for fiat currency trading activity.
Based on the current social media activity, it appears this Electroneum price rise was a matter of time. CryptoBullSignals17 claims they accurately called this impending price rise and noted a 14% increase since the call was made. A very positive trend for this currency, although it might not be sustainable for the long term.
#Electronium nice move 🚀#ETN 24% Up from our call time ⛅$btc $eth $ltc $dash $xmr $xrp $neo $xlm $xem $snt $trx $nxt $omg $gvt $eng $gnt $ark $strat $dgb $sc $cvc $eos $xem $adx $doge $rdd $pivx $etn $qtum $ark $eng $ada https://t.co/opWLB0ycF4 pic.twitter.com/K0h2IbeXiD
— CryptoBullSignals17 (@BullSignals17) October 7, 2018
The Last Crypto Jedi has been waiting for this current ETN trend. More specifically, he is confident Eelctroneum will make its way into the cryptocurrency market cap top 30 before long. Although that is not impossible to reach, there is plenty of work to be done prior to seeing something like this materialize.
#Electroneum now rank #44 on #Coinmarketcap. Soon to break into the top 40 and then top 30. People laughed at me last year when I told them #ETN will be a force to be reckoned with, now they’re crying 😂
— The Last Crypto Jedi ⚡️ (@LastCryptoJedi) October 7, 2018
It appears this current ETN momentum has some users surprised first and foremost. More specifically, Rene Herrera is not too sure what to make of this current trend. It is certainly possible this is only a sign of things to come, albeit cryptocurrencies are volatile first and foremost. Electroneum will be no exception in this regard.
— Rene Herrera (@Dpokerpro007) October 7, 2018
For the time being, the main order of business is ensuring the current gains remain firmly in place. Without an increase in trading volume, that may prove to be a bridge too far for the altcoin and its community. At this time, Kucoin and Cryptopia are the exchanges to keep an eye on. It seems to be a matter of time until other exchanges list ETN as well, although no platform has made any official announcements so far.
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