Status Network (SNT) Rises While Market is in the Red
The Status Network project is still in alpha release, but the team is growing and promising.
Status Network (SNT) was one of the few digital assets rising as the markets slumped. SNT reached as high as $0.18 after recent lows.
After a month of almost negligible volumes, trading SNT has become more active, as the asset is benefitting from Bitfinex trading. Ethfinex trading is still niche, and SNT mostly depends on trading against the Korean Won, followed by the activity on Binance. Ethfinex trades SNT in two trading pairs for total volumes of $1.3 million in 24 hours, while Upbit sees more than $92 million trading in 24 hours. Yet those levels are much more subdued compared to the December-January pumps and a temporary spike in February.
The SNT digital asset is also experiencing price anomalies. Large, liquid exchanges see the price at around $0.17. But niche exchanges trade SNT between $0.32 and as high as 0.97, but lacking volumes.
The Status Network project has been seen as a hopeless coin, despite the capability for significant, but temporary spikes. Now, the prices for the coming months depend on the general mood on the crypto markets. Status Network is at the stage where it is getting closer to releasing a working beta version, and may start marketing efforts soon.
Status Network was one of the assets available through Shapeshift, though with quickly depleted wallets at peak prices. Recently, SNT was added to the Exodus wallet portfolio, making it easier for early investors to test the waters with this token. But Binance is a better proposition, due to the higher volumes.
In any case, the SNT digital asset may have updates in 2018, but the price is still moved by speculative trading, and has seen periods in the past with little movement for months. Additionally, social media noise for this project is rather low, making SNT unknown despite the December spike. Asian trading dominates.
But in 2018, there may be one factor for growth for SNT: margin trading on Ethfinex, as soon as volumes pick up.