Asian Altcoin Trading Roundup: Top Cryptocurrency is Stellar Lumens
The markets are slowly recovering from a new monthly low yesterday when total market capitalization fell to $275 billion, just lower than last month’s dip. After falling to a low of $7,500 Bitcoin has risen back over $8,000 however Ethereum and a lot of the altcoins have suffered heavy losses. When there is a dip many often show double digit gains the next day giving the appearance that all is well again. At the time of writing the top performing altcoin is Stellar Lumens.
Coinmarketcap reports that XLM has rebounded 19% during the Asian trading session this morning. After hitting a low of $0.16 it has recovered to around $0.22, but it still way down. Over the week Stellar has lost over 30% and the monthly chart is even gloomier with a 50% loss. In terms of BTC Stellar is up only 10% today at 2717 satoshis, this time yesterday it was trading at just over 2400 sats. Since its peak in early January XLM has lost 75% and continues to fall.
Aside from the bounce and recovery there are no other fundamentals affecting Stellar Lumens. Those altcoins that fell the hardest often recover a little quicker to make up those losses. The longer term outlook for XLM is still bearish as it has been in a downwards trend for over two months. Stellar is traded predominantly on Binance, Upbit and Poloniex, volume has risen in the past few hours and is currently just over $100 million. There are 103 billion XLM in total with 18.5 billion currently circulating.
Nearly all of the altcoins are showing some recovery this morning. Those leading the way are Ripple, Cardano, Nem, and Icon. However these are the one that have suffered heavier losses and are just trying to claw back some of that deficit.
More on Stellar can be found here: https://www.stellar.org/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.