With all cryptocurrency markets still in the double-digit losses as we speak, it is all the more surprising to see Status go up in value. With a Status price of $0..211, we are looking at a solid 9.5% increase over the past 24 hours. All of this is made possible thanks to solid gains over both Bitcoin and Ethereum, as these two currencies are struggling massively right now.
STATUS PRICE BUCKS THE NEGATIVE TREND
It almost seems impossible for any cryptocurrency or digital asset to go up in value during times like these. Interestingly enough, nothing is impossible in this industry of new forms of money. While it is true Bitcoin, Ethereum, XRP, and all others are dropping like a brick, the Status price is doing the exact opposite. It has been an interesting week for the Status price, to say the least, as most of the losses have been recovered at this point.
Similar to all other assets and currencies, the Status price has suffered from highs and lows over the past week. Whereas one SNT was valued at $0.28 a week ago, the Status price quickly dropped all the way to $0.135. This downtrend was followed by another push to $0.245, and eventually resulted in another decline to below $0.16. With this current Status price of $0.211, it seems stable support may have been found, for now.
The Status price has appreciated in USD value by 9.5% in the past 24 hours. That in itself is pretty remarkable given the current climate. It seems this Status price gain is partially due to solid gains over Bitcoin and Ethereum as well. More specifically, SNT has gained 27.33% over Bitcoin and 31.33% over Ethereum. This may indicate altcoins and digital tokens will recover a lot quicker than Bitcoin or Ethereum will. It’s unclear if that is the direction we effectively heading in right now, though.
With $782.32m in 24-hour trading volume, there appears to be plenty of demand for Status right now. It is also thanks to this trading volume we see the Status price appreciate while everything else is still in the red. It’s also a relatively high trading volume compared to most top 15 coins, which are all struggling to generate any sort of volume right now. Moreover, it seems the Status buyers vastly outweigh sellers right now, but that situation can always reverse in quick succession.
Perhaps the most worrisome development is how Status is virtually exclusively traded on Upbit right now. This Korean exchange represents over 96.5% of all SNT trades, which means the rest of the world couldn’t care less about this token right now. Another small pump scheme seems to be forming in South Korea, although it remains to be seen how long it will last this time around. Most of these efforts usually run out after a day or less. It seems to be a matter of time until the Status price returns to normal and below $0.15.
For the time being, we will have to wait and see how these markets evolve. It is evident there is some solid momentum in place to keep the Status price going, but this trend will not be sustainable indefinitely whatsoever. All markets are bearish first and foremost, and there is no reason to think Status will escape this whirlpool. We can only hope all markets return to normal sooner rather than later, though.