It is a pretty good Saturday afternoon and early evening for most cryptocurrencies. While that is a good reason to be rather optimistic, one also has to keep in mind not all markets evolve in the same manner. The Qtum price is rising rapidly, as its value seems on track to hit $2.5. This is in line with some other markets, although its monster trading volume should not be overlooked either.
Qtum Price Surge has Plenty of Fuel
It is evident virtually all alternative markets are rising because Bitcoin’s momentum has turned bullish again. There is nothing wrong with that picture, even though one would expect there to be some more “gist’ to these surges right now. As far as Qtum is concerned, nothing has happened behind the scenes as of late even though its value is rising in a spectacular fashion.
Over the past few hours, the Qtum price has risen by 12% in USD value to $2.39. There is an additional 8.3% increase in QTUM/BTC, bringing that new level to 57,909 Satoshi. Both of these trends are very interesting to keep an eye on. While Qtum might mimic Bitcoin’s chart rather closely, it does appear there is a bit more to this particular market than meets the eye.
More specifically, most altcoins note half of their market cap in trading volume right now. Qtum, on the other hand, is going a different route. Its trading volume is over twice the size of the current market cap. That is rather exceptional even when the momentum turns bullish. Most of the volume comes from LBank, which represents 47% of all Qtum trades as of right now.
On social media, the only Qtum-related discussions pertain to the current and future price. Gordon expects this inverted head and shoulder pattern to create more bullish QTUM momentum over the coming days Especially in the QTUM/BTC department, there may be some interesting developments on the horizon, assuming this chart is accurate.
— Ｇ♢ＲＤ♢Ｎ (@____Gekko____) February 23, 2019
When it comes to the QTUM/USDT ratio, there is a very different outlook right now. While it seems there could be a breakout of some sorts over the course of this weekend, there is always a chance the momentum will take a turn for the worse. One never knows how crypto markets will behave, especially not the ones which heavily rely on Bitcoin’s momentum.
— Crypto_Dark (@Crypto_Darky) February 23, 2019
So far, it seems as if the Qtum uptrend could remain in place for a while. With this heavy trading volume, there is no imminent threat to the current price. However, one has to keep in mind this uptrend is the result of a lot of investors buying at a lower price. As such, it is likely some will take profits sooner rather than later.
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.