Stellar Price Analysis: XLM/USD Trends of January 24–30, 2019

CoinSpeaker

Stellar Price Analysis: XLM/USD Trends of January 24–30, 2019

Further increase of the bears’ pressure may push the coin to its previous low and in case the bulls defend this level of $0.09 Stellar price may have its resistance at $0.13 price level.

Stellar Price Analysis: XLM/USD Trends of January 24–30, 2019

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Source: CoinSpeaker

Ripple/XRP: “XRP is definitely coiling up”, says prominent trader and charting expert

Peter Brandt, the author of “Diary of a Professional and Commodity Trader” and a well-known trader tweeted the charts of Steller Lumens [XLM] and XRP on January 21, 2019.
Brandt tweeted the technical analysis chart of Stellar Lumens and set the first target as $0.0653 and the next one at $0.00150 and said “so basically worthless. Sorry.”
Source: @PeterLbrandt
A user, @BrandonVanB replied to Brandt’s tweet:
“@PeterLBrandt do you have any insight into XRP (Ripple). The fundamentals look amazing.”
Peter Brandt replied to @BrandonVanB with another technical analysis chart saying: “XRP is definitely coiling up”
Source: @PeterLbrandt
“Coiling Up” is a technical term used to signify a market which has the potential to make a strong move in one direction after being pushed in the opposite direction or held flat. The idea is that if a market should be headed in one direction due to its fundamentals but has pressure in the opposite direction, it will eventually make a strong move in the course of the original fundamental direction.
Moreover, the coiled move will be more significant and substantial than the move if it would have continued in the normal direction without interference.
Brandt’s tweet doesn’t necessarily mean that the movement of price will move upwards, it could go either way. In addition to the technicals, Ripple is on a crusade with a slew of partnerships with various institutions around the world.
Ripple has over 200+ partnerships which are spread over 40 countries and each one of them is using Ripple’s blockchain solutions, be it xRapid, xCurrent, or xVia.
Brandt’s tweet faced a lot of commotion in the community as Brandt had said that “XRP will replace NO portion of global forex trading volume” in August 2017.
@CarpeNoctom replied to Brandt’s tweet saying:
“Almost every crypto chart looks like that
So I guess everything is worthless soon
Sorry not sorry”
Another Twitter user, @OSD728 commented:
“If the prices of xlm do go that low I will definitely buy more not saying I want it to but still that’s a good entry point”
Peter Brandt is well-known for his prediction of the 2018 crash of cryptocurrencies and for his accurate predictions when it comes to technical analysis or charting.
The post Ripple/XRP: “XRP is definitely coiling up”, says prominent trader and charting expert appeared first on AMBCrypto.
Source: AMB Crypto

Cryptocurrency Price Prediction 2019: Stellar [XLM], Cardano [ADA], XRP to See High Gains while Tron [TRX] Expected to Lose

According to the latest cryptocurrency price prediction 2019 report by Finder, the six panelists discussed the upcoming fate of the 8 top cryptocurrencies by market cap.
Bitcoin (BTC): Bearish in 2019
The leading cryptocurrency has the highest prediction for February at $4,800 by Digital Capital Management COO Ben Ritchie while Bitcoin developer Jimmy Song predicts the lowest value at $2,103 as he says,
“They’re more or less random numbers. Hard to predict without knowing what news comes out between now and then.”
As for 2019 end, the prices are predicted by the panelists to be around either $6,500 or $8k, however, Fred Schebesta of Finder itself is extremely bearish on Bitcoin at $2,760.
Stellar (XLM): The Money Maker of 2019
The 6th largest cryptocurrency is expected to rule 2019 as it is picked to see the highest growth in the market. For February 1, the biggest number for XLM is $0.67 and the lowest at $0.01 as it has “broken from a strong base, now looks a bit weak on the charts.”
By the year-end, a 260% increase is predicted for XLM which is “in growth mode, working on a scalable blockchain, looking for projects that can take off. This could be the year.” Ben Ritchie says, “Stellar Lumens has gained a large amount of respect in 2018, as it continues to build a public blockchain that solves problems. “
Cardano, Ether, XRP, and EOS: Good Growth Expected
ADA is predicted to have a good year with over 90% growth by 2019 end as Joseph Raczynski says, “Another great project still looking to bake more projects in search for the killer app.”
The second largest cryptocurrency XRP is predicted to hit losses this month but a rise of 44% to $0.52 at the year’s end. Ben Ritchie believes in XRP as “They have announced some infrastructure tech in 2018 and it “has one of the largest and most coordinated groups of developers of all cryptocurrencies in Ripple Labs.” He also says, “almost a certainty is that XRP will follow its traditional pattern and undergo another pump and dump in 2019.”
EOS is “Yet another project where people are looking for formal use cases that work. This one, though more centralized, has potential,” says Joseph Raczynski. With 77% yearly growth, EOS holds promise but the monthly prediction is not positive.
By December 31, 2019, Ether is predicted to rise above $200 with 55% growth, however, losses are predicted by this month end. “The great altcoin winter is here,” summarized Jimmy Song.
Tron (TRX): Gonna Lose in “Altcoin Winter”
Tron is expected to lose the highest in January with over 52 percent loss predicted to $0.0093. However, this year end will see it with only a slight decrease of 0.32% to $0.0192.
However, Joseph Raczynski believes TRON will be valued at $0.022 by February 1st and $0.05 by December 31st as he explains, “The latest news coming out of the TRON game is transaction speed, which is what most projects are trying to figure out. If they indeed have passed a milestone in speed, this will pick up.”
Let us know what you feel about this cryptocurrency Price prediction 2019?
The post Cryptocurrency Price Prediction 2019: Stellar [XLM], Cardano [ADA], XRP to See High Gains while Tron [TRX] Expected to Lose appeared first on Coingape.
Source: CoinGape

Bold Price Predictions For Stellar (XLM) and Cardano (ADA) in 2019

Crypto predictions are always taken with a pinch of salt. They are essentially just guesswork based on a few fundamentals and snapshots of the market at any given time. There is no doubt though that predictions for future prices of crypto assets are incredibly popular, and the latest from Finder have made some bold assertions.
Stellar and Cardano up, Litecoin and Neo down
Using a panel of industry insiders Finder has set out to publish an updated list of insights for various cryptocurrencies each month. For this, their first month, the panel of six have analyzed and will predict movements of eleven crypto assets with a predicted change in price between now and the end of the month and one for the end of 2019. Panelists include Ben Ritchie COO of Digital Capital Management, Fred Schebesta, CEO and Cofounder, of Finder.com, and technologist Joseph Raczynski.
In the short term most altcoins are predicted to drop further by the end of January with the exception of Stellar and Cardano which they expect to climb by 84% and 43% respectively by February 1st. The caveat, however, is that there is no fundamental reasoning to back up these bold predictions, the article just posts the figures.
All of the other altcoins examined are predicted to fall in the next two weeks with Tron predicted to dump the most at 52%. This one is bizarre considering TRX has been one of the better recovering crypto assets during the bear market. Over the past month alone it has recovered 78%. The inclusion of Dogecoin is also a little strange as is the exclusion of IOTA or DASH but it is there and has been predicted to lose 47% by February first.
The longer term predictions are more interesting with dollar and percentage gains guessed for the end of December 2019. According to the panelists Stellar Lumens is expected to surge 260% ending the year at $0.41. Big gains have also been predicted for Cardano which will end the year at $0.08, 91% higher.
Bitcoin will end the year up 84% at $6,947 according to the team and EOS up 77% to $4.68. Ethereum is only expected to make 55% back by the end of 2019 taking it over $200 again but only just with a market capitalization of just over $20 billion. XRP is not expected to do that well either in 2019 with a 44% gain to $0.52 predicted.
A few altcoins have been predicted to end the year even lower than they are now, with DOGE losing the most dumping a prophesied 75%.  According to the panel 2019 will be a bad year for Litecoin and NEO also with losses of 23% and 26% respectively.
Price predictions are just that, a stab in the dark. It would be interested to see how many of these panelists have put their money where their predictions are. XLM would be the prime bet for all of them it seems.

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Litecoin [LTC], Stellar Lumens [XLM] fall down the top-10 list as Tether [USDT] makes it to sixth position

The cryptocurrency market has been going through a rough time after a small bullish run last week. A majority of the major coins have fallen, at the time of press. Litecoin [LTC] and Stellar Lumens [XLM] have slipped down the top-10 list following the fall.
LTC and XLM have been fighting for the sixth position on the CoinMarketCap list for a long time, and finally have settled on the eighth and the seventh positions, respectively. Tether [USDT], the stable coin, now rests on the sixth position.
Source: CoinMarketCap
At the time of press, LTC was valued at $31.3, with a market cap of $1.8 billion. The coin reported a 24-hour trade volume of $532 million, with a fall of 0.50% over the past hour. The coin has been falling since the past few days as it registered a dip of 16.75% in the past seven days, while registering a minimal recovery of 0.20% in an hour.
LTC was highly traded on OKEx, as it reported a volume of $49 million with the LTC/BTC. OKEx was followed by ZB.COM, which registered a trading volume of $46 million with the LTC/USDT pair. The third place was taken by DOBI Exchange, as it noted a volume of $36 million with the LTC/BTC pair.
Source: CoinMarketCap
As per the one-day chart of XLM, the coin had fallen by 0.83% over the past day, with a market cap of $2 billion. The coin registered a 24-hour trade volume of $88 million, with a fall over seven days of 13.40%. It is still falling by 0.29% over the past hour.
The coin was largely traded on ZB.COM exchange. The trade volume registered by the coin on the exchange was $19 million with the XLM/USDT pair. ZB.COM was followed by Exrates, which registered a volume of $12 million with the XLM/BTC pair. The third position in terms of trading volume was acquired by BCEX, as it registered a volume of $7 million with the XLM/BTC pair.
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Source: AMB Crypto

Crypto Market Update: Stratis (STRAT), Stellar (XLM), Bitcoin Cash, ADA Price Analysis

Key Points

The total crypto market cap spiked towards $125.00B before correcting lower.
Stratis (STRAT) rallied more than 40% and traded above the $1.30 resistance.
Bitcoin cash surged higher and broke the $120 and $128 resistance levels.
Stellar (XLM) price traded above the $0.1250 resistance before correcting lower.
Cardano (ADA) price rallied and settled above the $0.0350 resistance.

Bitcoin cash rallied above the $125-130 resistance and it may continue higher. Stratis (STRAT) surged roughly 40%, and Ethereum, ripple, Stellar (XLM), EOS and Cardano (ADA) remain above key supports.
Bitcoin Cash Price Analysis
The past two days were super bullish for bitcoin cash as it rallied above the $100 and $120 resistance levels. Today, it gained more than 20% and broke the $130 and $135 resistances. BCH is currently trading near the $140 level and it remains supported on dips.
After a minor downside correction, it seems like the price may accelerate above the $140 and $145 resistance levels. On the downside, the key supports are at $132 and $125.
Stratis, Stellar (XLM), Bitcoin Cash, ADA Price Analysis
Stratis performed really well recently and rallied more than 40%. STRAT broke the $1.15 and $1.25 resistance levels to move into a positive zone. It is currently trading above $1.30 and it may continue to rise towards $1.35 or $1.40.
Stellar price gained bullish momentum above the $0.1200 resistance level. XLM traded above the $0.1220 and $0.1250 resistance levels, but it faced a strong resistance near $0.1265. It later corrected below $0.1200 and currently consolidating above the $0.1150 support.
Cardano price pumped above the $0.0320 and $0.0350 resistance levels. ADA traded close to the $0.0380 level and later corrected lower. It remains well supported near the $0.0350 and $0.0320 levels.

Looking at the total cryptocurrency market cap hourly chart, there was a significant upward move above the $115.00B and $120.00B resistance levels. The market cap touched the $126.70B level and later corrected lower. However, there are many support supports on the downside near $116.00B and a bullish trend line on the same chart. Therefore, it seems like dips remain supported in Bitcoin, Ethereum, litecoin, EOS, stellar, ripple, and other altcoins in the short term.
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Overall Cryptocurrency Market Lands Its Second Day of Recovery

CoinSpeaker

Overall Cryptocurrency Market Lands Its Second Day of Recovery

After literally months of waiting, a cryptocurrency market bounces forward and the majority of cryptos started to gain double figures on the day with a $10 billion injection pumps crypto markets.

Overall Cryptocurrency Market Lands Its Second Day of Recovery

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Source: CoinSpeaker

Stellar [XLM] soars by 7%; bull-run strikes all cords on crypto-chart

As the bull run proceeds for the cryptocurrency market, Stellar Lumens, now the fifth largest coin on the index is currently up by 7%. At the time of writing, XLM was trading at $0.109 with a market cap of $2.1 billion. The 24-hour volume was recorded at $93.8 million.
XLM 7-day price chart | Source: CoinMarketCap
At the beginning of the 7-day cycle, the coin was trading at a bullish price of $1.116 with a market cap of $2.22. The market underwent much volatility across the week wherein it dropped as low as $0.93 with a market cap of $1.78 billion.
Today, the token started to make strides on the price chart and slowly climbed its way up. There was an addition of about $400 million in the market cap of XLM. Moreover, the 24-hour volume peaked in the middle of the week, wherein it was recorded to be over $104 million. As of now, the trading volume has taken low on the graph and is seeing a reduction of at least $10 million.
Despite the great market performance in the current scenario, Stellar slipped a rank, handing it over to EOS. At present, the difference between the market cap of both the coins is more than $200 million. However, it is hard to speculate whether EOS will be able to maintain its rank on the fourth position.
A few days back, Stellar went into another shock when Tron [TRX], the tenth largest coin on CoinMarketCap surpassed XLM in terms of the total number of trading pairs.
The maximum trade volume for the coin is suggested to be flowing in from ZB.COM wherein XLM is heavily being traded with the stable coin, Tether [USDT]. Here, the 24-hour trade volume is calculated to be $21.8 million. Binance, the biggest cryptocurrency exchange in the world is also contributing to the trade volume of XLM wherein the figures have reached up to $14.46 million, divided into XLM/USDT and XLM/BTC pairs.
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Source: AMB Crypto

Cryptocurrency Trading Update: $10 Billion Injection Pumps Crypto Markets

FOMO Moments
Big pump day for crypto markets; EOS flying, XRP, Stellar and Cardano recovering well.
It has been a long time coming. A market bounce that results in a sea of green with the majority of cryptocurrencies gaining double figures on the day. From almost falling into double digits total market capitalization has gained a solid 14% from its yearly low over the weekend.
Bitcoin sparked off the rally when it climbed over 10% from $3,260 to $3,600 before pulling back a little. Fears of BTC falling to or below $3,000 have been very real recently however it managed to find support at $3,200 and recover from there. Whether this is the start of a longer term trend remains to be seen but a Bitcoin bounce is good news for the rest.
Ethereum has also made around 10% taking it back to $95 but being below $100 is still very dangerous territory for it. Ripple’s XRP has done better with an 18% gain at the time of writing. This has enabled it to expand that market cap gap over ETH again.
EOS is the top performer in the top ten by a factor of two as it surged nearly 30% on the day propelling it into fourth spot on the charts. There seems to be no specific factors for the extra momentum but the community is rejoicing anyway. Stellar has also had a good day with a 14% climb and the rest of the top ten are in double figures aside from one. Bitcoin SV did not enjoy the big pump as it only made a couple of percent.
The top twenty’s top gainers at the time of writing are Cardano, Iota, Neo and Dogecoin with around 13-15 percent on the day. Tron, Monero, Dash and Ethereum Classic had made around 11% but the rest were single figure gains.
Since all altcoins were pumping on Tuesday the fomo had been spread out. Bigger pumps had taken place with Arbitrage, MobileGo, Revain, and Ontology but the likelihood of them dumping soon is high. Only three altcoins were in the red in the top one hundred at the time of writing; Linkey, Qash and TenX plus a couple of the stablecoins.

Total crypto market capitalization is at $114 billion which is a gain of 10.7% from the same time yesterday. Trade volume has jumped from around $10 billion to $17 billion. Almost $11 billion has be poured back into cryptocurrencies resulting in a rare day of double digit green gains for many of them.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
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Crypto Market Recovers with Tether and EOS Leading the Way

CoinSpeaker

Crypto Market Recovers with Tether and EOS Leading the Way

Finally, crypto market starts showing at least some signs of recovery: Tether (USDT) manages to enter the top-five cryptos by market cap (for the short period of time though) while EOS gains considerable 25%.

Crypto Market Recovers with Tether and EOS Leading the Way

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Source: CoinSpeaker

EOS Jumps to Fourth with 30% Surge as Crypto Markets Bounce

Finally EOS has come out on top today. Following several weeks of getting pounded, cryptocurrency markets have at last shown a bit of life with a solid rebound on the day which added over $10 billion back into digital currencies.
EOS Passes Litecoin, Tether and Stellar
The jockeying for position between the top ten largest cryptos by market capitalization has been lively to say the least. With massive hemorrhaging of market cap for all of them aside from stablecoins has enabled some of the bigger boys to get knocked down a peg or two.
The two that have lost the most are Ethereum and Bitcoin Cash, previously second and fourth respectively. While Ethereum has only lost one spot to XRP it is still down over 90% on the year and its market cap has shed over $120 billion since January. Bitcoin Cash has been destroyed and is the worst performing coin on the chart dropping from fourth to eighth and almost out of the top ten altogether.

Today’s winner in the coin cap race is EOS which has surged over 29% at the time of writing and jumped three spots past Litecoin, Tether and Stellar into fourth. The big pump has pushed EOS market cap up to $2.3 billion which is only marginally ahead of XLM with $2.1 billion at the time of writing.
Just two weeks ago EOS was floundering down in eighth spot below BCH and BSV with a 2018 low of $1.58. Since that day EOS has recovered 55% to its current level, boosted by today’s big pump. EOS proponents are already rejoicing on their Reddit channel:
“We took an ugly path. But EOS now has the 4th highest marketcap. Next up: ETH.”
However when market caps for all altcoins have been battered, these positions do not really account for much since they are forever shifting. By the time you are reading this they will have probably changed again!
A look back two years, or even one, at the top ten will paint a totally different picture. Many of today’s top altcoins did not even exist then and many may not a year from now. Either way, EOS is getting some fomo today and enjoying the ride. Other cryptocurrencies also performing well during this bounce are XRP, Stellar, Cardano and Iota – all up over 15% at the time of writing.
 
Image from Shutterstock
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Crypto Market Turns Green: EOS, Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis

Key Points

The total crypto market cap bounced back and moved above the $110.00B resistance zone.
EOS price rallied more than 30% and climbed above the $2.50 resistance.
Cardano (ADA) price moved above the $0.0300 and $0.0320 resistance levels.
Setllar (XLM) gained more than 15% and traded above $0.1100.
Dogecoin price rallied more than 20% and climbed above $0.0025.

The total crypto market cap surged higher above $110.00B. Bitcoin, Ethereum, ripple and altcoins like EOS, Cardano (ADA), Stellar (XLM) and Dogecoin rallied sharply.
EOS Price Analysis
After struggling a lot below the $2.00 resistance, EOS price finally formed a support base for a solid rally. The price gained pace above the $2.00 resistance and broke the $2.20 and $2.50 resistance levels. It is currently up more than 30% and it seems like there could be more gains towards $3.00.
On the downside, the $2.40 level may act as a short term support if there is a bearish correction. Below $2.40, the next key support is near the $2.20 level.
Cardano (ADA), Stellar (XLM), Dogecoin Price Analysis
Cardano price finally settled above the $0.0300 resistance level. ADA price gained more than 15% and traded above the $0.0320 resistance. The next stop for buyers could be near the $0.0350 level.
Stellar price formed a solid support above the $0.1000 level and rallied above the $0.1050 and $0.1100 resistance levels. On the upside, the next major resistance for buyers could be $0.1150 or $0.1200.
Dogecoin formed a solid support near the $0.0020 level and later started an upward move. DOGE price rallied more than 20% recently and traded close to the $0.0027 level. It may correct lower in the short term, but dips remain supported near $0.00240 and $0.00220.

Looking at the total cryptocurrency market cap hourly chart, there was a solid upward move above the $105.00B and $110.00B resistance levels. More importantly, there was a break above a crucial bearish trend line at $100.00B on the same chart. The market cap touched the $114.25B level and it seems like there could be more upsides. Therefore, there are chances of more upsides in Bitcoin, Ethereum, EOS, litecoin, ripple, XLM and other altcoins in the near future.
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Stellar Lumens [XLM] falls by 8.32%; Tether [USDT] take over fourth position

Stellar [XLM] which ranked fourth on the CoinMarketCap until December 14, has slipped to the fifth position. This slip provided the stable coin, Tether [USDT] to take over the fourth position.
Source: CoinMarketCap
At the time of press, Stellar was valued at $0.0953 with a market cap $1.8 billion. The coin registered a 24-hour trade volume of $83 million and it slipped by 8.32% within 24 hours, at the time of press. The coin noted an overall fall of 19.29%.
According to the maximum trading volume of the coin, Bibox reported the highest volume of $23.5 million with LTC/BTC pair. Bibox followed itself and registered second highest trading volume of $22.7 million with LTC/ETH pair. Bibox was followed by $21.9 million with LTC/USDT.
Tether, the stable coin was trading at $1 with a market cap of $1.85 billion and had plunged by 0.19% and is seen to maintain its standing.
Source: Trading view
When the coin started to fall, it broke previous support and a new support was seen to form at $0.0963. The coin was valued at $0.9057 at the beginning of the year, which was the highest it was ever valued at. However, the coin has been gradually falling and it doesn’t seem to stop.
Recently, Tron [TRX] had surpassed Stellar in terms of trading volume. It was informed by Tron, Chief Executive Officer and founder of the Tron Foundation, Justin Sun in a twitter post. Sun tweeted:
“According to @CoinMarketCap, there are 159 trading pairs of #TRON which already surpassed 157 trading pairs of Stellar. #TRX was already listed on more than 100 exchanges, including Crypto/Crypto & Crypto/ Fiat trading pairs. $TRX”
However, a glimpse of happiness was seen for the coin on December 13, when CoinField, a prominent Canadian cryptocurrency exchange announced that they were launching Stellar on the platform as an XRP base pair. The XLM/XRP pair will be available alongside six different fiat pairings like USD, CAD, EUR, GBP, JPY, and AED.
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Stellar [XLM] crashes by 7.40% while EOS slums by over 5%

While the market bleeds red, Stellar [XLM] and EOS lose to the bear too. The coins which are among the top 10 powerful coins have been suffering the curse of the market over the past few weeks and nothing has seemed to change now, other than the fact that they are slipping by large margins.
Source: CoinMarketCap
According to CoinMarketCap, the coin was valued at $0.1033 with a market cap of $1.98 billion. The coin’s 24-hour trade volume was $65 million and saw a fall of 7.40%, at the time of writing. The coin also registered a week’s falls by 7.95%.
According to the 24-hour trade volume, ZB.com registered the highest volume of $10 million with XLM/USDT. The second in line was Exrates which recorded a volume of $8.57 million with XLM/BTC pair. Exrates was followed by LATOKEN, which noted a volume of $8.22 million with XLM/BTC.
Source: CoinMarketCap
At the time of press, EOS was valued at $1.85 with a market cap $1.6 billion. The coin registered a 24-hour trade volume of $600 million with a fall of over 5%. The coin has plunged by 10.23% over a week.
As per the 24-hour trade volume, the coin recorded the highest trade volume on OKEx with $65 million volume for EOS/USDT pair. It was followed by Huobi, which recorded a $43 million with EOS/USDT pair. DigiFinex was the third in line to register a trading volume of $42 million with EOS/USDT pair.
XLM ranks fourth on the CoinMarketCap list, while EOS ranks sixth on the same list. The two coins have been struggling to maintain their standing on the list for a long time now.
According to an analyst over the current EOS ecosystem said;
“1/ Instead of discussing a BTC mining death spiral, perhaps we should be talking about EOS Block Producers turning off their operations. Although the narrative is that EOS BPs are financially well-off, many are currently underwater…”
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Source: AMB Crypto

Bitcoin Sets Fresh 2018 Low at $3,200, Altcoins Plunge

Following its recent period of instability, Bitcoin has now plunged to new 2018 lows and has sent the altcoin markets spiraling downwards. Today’s drop has led the overall cryptocurrency market capitalization down to $102 billion, a level not seen since August of 2017.
At the time of writing, Bitcoin (BTC) is trading down nearly 6% at its current price of $3,230, down from its 24-hour highs of $3,430. Bitcoin’s previous 2018 low was set on December 7th when it fell to just under $3,300.
Analysts Expect Bitcoin to Fall Below $3,000
The market’s current instability is leading to a general consensus among analysts that it is only a matter of time before Bitcoin falls below the important psychological price level of $3,000.
While speaking about Bitcoin’s current price action, Nick Cawley, an analyst at Daily FX, said that based on his technical analysis, Bitcoin’s short-term price action is leading it towards $2,970.
“Bitcoin looks set to fall below $3,000 in the short-term with the $2,970 Sept. 15, 2017, swing-low the next target. Below here, horizontal support at $1,760 off the July 18 [2017] low comes into play in the longer-term.”
DonAlt (@CryptoDonAlt), a popular cryptocurrency analyst on Twitter, told his nearly-80 thousand followers that he also expects BTC to dip into the $2,000 region, with a good buy target being at the $2,700 level.
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think 2.7k is an excellent place to buy if we should go there,” he said, further adding that right now is not the best place to add new short positions.
Altcoins Plummet Amidst Bitcoin Instability
Bitcoin’s instability has led the vast majority of altcoins to plummet, with Bitcoin Cash and Stellar Lumens leading today’s market plunge.
At the time of writing, Bitcoin Cash (BCH) is trading down 15% at its current price of $82, setting a fresh all-time-low. Ever since Bitcoin Cash’s hard fork event on November 15th, the cryptocurrency has been spiraling downwards, and is showing few signs of fundamental strength as it drifts lower.
BCH’s hard fork offshoot – Bitcoin SV (BSV) – also dropped significantly today and is currently trading down nearly 11% at its current price of $74.8. BSV is currently behind Bitcoin Cash’s market cap by over $100 million.
Stellar Lumens (XLM) is currently trading down over 11% at its current price of $0.098, and just set a new 2018 low around its current price levels.
XRP is currently trading down nearly 6% at its current price of $0.287 and is trading at levels not seen since this past September. It is important to note that XRP is still trading above its 2018 low, which was set at approximately $0.24 this past August.
Featured image from Shutterstock.
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