Utility token Lisk was one of the market’s top performers on Thursday, as trading activity on the Huobi exchange picked briskly following last week’s launch.
LSK Price Levels
The value of LSK jumped more than 17% on Thursday to reach $19.83, bringing the total market cap to $2.3 billion. Only 14 other cryptocurrencies are valued higher.
More than $30.3 million worth of LSK tokens traded hands in the last 24 hours. Nearly two-thirds of the transactions were processed on just four exchanges: BitBay, Bit-Z, CoinEgg and Binance. Huobi accounted for more than 12% of daily trade volumes, according to data provider CoinMarketCap.
Lisk officially launched on the Huobi exchange last week to great fanfare. Huobi is the world’s fifth-largest digital currency exchange in terms of daily trade volume.
Last month, digital currency exchange bitFlyer announced that LSK would join its listings. By joining bitFlyer, Lisk is among elite company. The exchange only supports six other coins, including bitcoin, bitcoin cash, Ethereum, Ethereum Classic, Litecoin and Monacoin.
LSK has been trading in double-digit territory since August, eventually reaching a high above $31 in early January. The coin’s trajectory has been overwhelmingly positive, reflecting the broad uptrend in cryptocurrencies prior to the latest market crash.
The Lisk project is also generating excitement over the planned re-launch of the platform later this month. The relaunch will be unveiled at an event in Berlin on Feb. 20.
Sources say the event will introduce the new Lisk desktop, web app and wallet. The company has confirmed that the upgrade prioritizes end user experience, and integrates feedback from organized focus groups.
In ushering in new products, the company will discontinue its Lisk Nano and Lisk Explorer platforms.
To complete the makeover, the company has acquired the services of German marketing and design agencies. After Feb. 20, Lisk will go by a different name and have a new logo.
2018 is shaping up to be a pivotal year for the Lisk project. In addition to rebranding, the company is currently developing a decentralized exchange that is expected to house thousands of tokens. Co-founder Max Kordek has described the platform as “one ecosystem of tokens” that will enable transfer between sidechains.
The management team expects the exchange to be operational by September or October this year.
Lisk deploys a Proof-of-Stake consensus model, with delegates chosen via election.