All cryptocurrency markets tend to benefit when bitcoin goes in the green. Today is no different, albeit most altcoins struggle to keep up. The Komodo price is an interesting exception, albeit this is primarily due to the ongoing developments within the ecosystem.
The Komodo Price Surges
Virtually all alternative cryptocurrencies will struggle to move up if bitcoin goes sideways or bearish. Throughout 2019, a different trend has emerged. Even if bitcoin‘s value goes up, the price of altcoins tends to lag behind. In the case of the Komodo price, it seems as if it has nothing to do with bitcoin’s momentum most of the time.
Gauging the value of Komodo should be done by looking at the ecosystem and ongoing developments. While it remains unclear if today’s 7.6% KMD value increase is due to those developments alone, they certainly contribute to the uptrend. One KMD is now valued at $0.576, which many feel is still a price well below the asset’s actual value.
The big news for Komodo comes courtesy of two separate milestones. First of all, the developers have successfully completed the first atomic swap between Ethereum and Tezos. Both chains are, by default, incapable of communicating with one another to exchange value. Now that this transaction is on the books, it will be interesting to see what happens next.
— Komodo (@KomodoPlatform) December 16, 2019
Secondly, a new network upgrade has been completed successfully. As version 0.5.0 is now live, there are some crucial upgrades and changes for users to take note of. It is another crucial development for Komodo. Upgrades are not always a factor to drive the Komodo price up or down, but it is still a noteworthy milestone.
The Komodo network upgrade to codebase version 0.5.0, dubbed Obsidian Dragon was successful! Please make sure to update your wallets/full-seed nodes to the latest version! Those who do not update will not run on the correct network!
Read more here.https://t.co/dxkAv2eca6
— Komodo (@KomodoPlatform) December 21, 2019
To sustain the current Komodo price trend, everything needs to fall into place. The trading volume looks a bit bleak, although that is no immediate cause for concern. A lot of altcoins note 2% of their market cap – or less – in daily trading volume and still manage to sustain gains.
Coinbene appears to be the most liquid exchange for KMD right now. Binance and HitBTC follow suit. Of the top five trading markets, three are linked to bitcoin. USDT and ETH trading is also available, albeit those appears to be of less interest so far. For now, the question is whether $0.58 is a resistance level or will become a support zone in the hours to come.