Lisk (LSK) keeps dropping and is losing its first mover advantage

Unsurprisingly, Lisk has been performing as predictably as the rest of the market – even this latest jump is in the same range as the rest of the market. The coin has been slowly bleeding out in the previous months, waiting for Bitcoin to recover before making any sort of move itself. Still hell bent on continuing with the turn of the year correction, it is currently sitting at 86% lower price than the one it had at its all-time high. Traded at 5.39 USD/just above 84000 satoshis, Lisk currently boasts a market cap of 579 million USD, just enough for the spot no. 24 of coinmarketcap’s list of the most valuable cryptocurrencies. It could easily be looking to move up as it needs just 30 million USD to overtake ICON and no.23.

Analysts feel that Lisk will be going down even further, with a key support at 5 USD being broken with absolute ease. Currently sitting in a bearish channel, it could find its next strong support at around 4 USD. The coin is definitely undervalued but is currently going through a bear market, so a recovery can’t be expected any time soon. It also has an additional disadvantage of being in direct market competition with projects like Tron (TRX), EOS, Ethereum (ETH) and Cardano (ADA). Granted, the token has a strong development team behind it and tough competition probably won’t deter them much from doing their job.

And doing their job they indeed were in the last couple of months. Most notable accomplishment from the mentioned timeframe is surely the launch of the Lisk testnet. Their official announcement from June 28th said:

#Lisk Core 1.0 is on the public Testnet! As always, we will keep you all updated on the status of this major milestone in the development of our network. To get familiar with the migration process, check out our comprehensive documentation. https://lisk.io/documentation/lisk-core/upgrade/migration …

A platform similar to Ethereum, looking to provide a smart-contract enforced, decentralized blockchain for dApp development, Lisk will benefit greatly from this testnet as it will help iron out the potential bugs and kinks. EOS showed and is still showing us what happens to ETH-like projects that go straight into their mainnets without properly testing out the platform.

Not even a day after, Lisk greeted its community with another positive announcement. A 1.7.0 version of the Lisk explorer is ready for use.

“We’re happy to announce the release of #Lisk Explorer v1.7.0. In this release, the following currency rates are updated in real-time: #LSK, #BTC, #USD, #EUR, #GBP, #RUB, #PLN, #CNY, #JPY. See change-log here: https://github.com/LiskHQ/lisk-explorer/releases/tag/v1.7.0 … … Explorer page: https://explorer.lisk.io/ 

While a blockchain explorer isn’t that important of an update, it surely helps this project come closer to its ultimate goal of becoming the first platform to rightfully bear the coveted “Ethereum killer” name. The latest testnet will help us gain a better insight into how close is the Lisk platform to achieving said feat.


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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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