- Bears are at the driving wheel again, taking prices lower.
- TRON and Ethereum are the biggest losers out of top-20.
Cryptocurrency market is falling again with Bitcoin and all major alt coins back on the red territory. The total capitalization of digital assets in circulation slipped from $124B to $121.4B on Wednesday. It seems that the short-term recovery is over. The market resumed the downside amid the lack of fresh, positive drivers.
Bitcoin is changing hands at $3.600 handle, down 1.5% since this time on Tuesday. The largest digital asset is trapped within a bearish trend, while failure to pass through critical resistance levels increases the downside pressure. Speculations about Russian plans to buy Bitcoins worth of $10B were not officially confirmed; thus the positive effect from the proposal faded away.
Ethereum sits under $122.00 resistance, rangebound during Asian hours and down over 5% on a day-over-day basis. The third largest coin with a market value of $12.7 may be vulnerable to losses due to Constantinople delay.
Ripple’s XRP is pretty stable at $0.3288. The coin is unchanged since the start of the day and down 1.5% d/d. XRP’s price development depends on overall cryptocurrency market sentiments, though it has been less volatile than other major altcoins recently.
TRON (TRX) is one of the biggest losers. The coin has lost nearly 5% in recent 24 hours to trade at $0.0244 by the time of writing. A scandal around TRON Accelerator contest is gaining traction and creating additional downside pressure for the coin.
XRP, BAT and Dash are The Favorite Cryptos Among Uphold Users
A recent report published by Uphold revealed that the most popular tokens among its users are XRP, BAT, and DASH. The investment in these cryptocurrencies has increased considerably during the period from January 2018 to January 2019.
According to information from AMB Crypto, Uphold reported that despite the sharp drop in the prices of cryptocurrencies, its user base reached record stats: Not only did they increase their userbase to more than 1 million registered users, but the number of funded wallets and transactions also grew by more than 2X compared to last year.
The Uphold team revealed that altcoins played a special role in the growth of its platform. Dash had the highest increase, followed by Basic Attention Token and Ethereum. However other tokens such as BTC, LTC, and BTG also reported significant growth despite the negative performance of the markets:
Holdings of all currencies increased materially over the period, but DASH and BAT were the 2018 standouts (up 281% and 183% respectively). Uphold also saw good growth in holdings of ETH (up 70%), BTG (up 54%), BTC (up 41%) and LTC (up 24%)
Uphold Explains The Reasons Behind The Popularity of Every Token
According to the firm’s analysis. The growth rate of BTC, LTC, and ETH was lower than last year. Apparently, the public lost interest in these cryptocurrencies to focus on other more attractive alts such as XRP, which grew from 0 to 39% from March 2018 to January 2019.
The growing interest in XRP is consistent with the intense media presence that Ripple has had in the community over the past few months. The launch of xRapid and thenumerous partnerships with essential players in the world of finance increased the trading of this cryptocurrency which eventually reached number 2 in the global market cap.
Something similar happened with Basic Attention Token. The cryptocurrency is strongly pushed by Brave browser. The popularity of the browser and the positive rating of several specialized sites, as well as the launch of BAT trading in Coinbase Pro, were critical for the token to become one of the favorites among Uphold users.
Uphold finally attributed DASH’s growth to a successful campaign in which they made their philosophy have an important influence on the community.
“DASH represents itself as digital money which can be used to make instant, private payments online or in-store using its secure, open-source platform hosted by thousands of users around the world.”
TRON (TRX) Long-Term Price Forecast- February 17
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.
TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.
With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
Price Analysis: Is Stellar Lumens Still Ripple’s Biggest Rival?
Stellar Lumens (XLM) took its place in the top ten most valuable altcoins during 2018. Long seen as the most natural rival to Ripple (XRP), this digital currency has been threatening to break its key resistance level in recent times.
Is the price of this coin on the way up. Is it a potentially good investment or something that is best avoided?
At the time of writing, the price of Stellar Lumens is at $0.079, compared to the all-time high of $0.93. This gives it a total market cap of $1.5 billion. It is currently the 9th biggest cryptocurrency in terms of market cap and is now easy to buy using a reliable broker such as eToro.
This coin was launched in 2014. Like Ripple, it is a global payment and currency exchange platform, designed to make it easier to send payments and remittances across the planet. While Ripple is already being used by some major banks, Stellar Lumens is regarded as being aimed more at the general public and small businesses.
It is worth bearing in mind that the man behind this currency is Jed McCaleb. This American programmer also founded Ripple before leaving them and co-founding Stellar.
The price of Stellar Lumens has gone through its fair share of ups and downs. 2014 saw it rise to five times its original value before entering into a long, steady decline. Mid-2017 saw it begin a revival that has carried on until current times, largely avoiding the large drops seen in many other digital currencies. The release of the Starlight updatein late 2018 helped to increase demand for this coin.
Predictions for the Future
What is in store for Stellar Lumens for the rest of 2019 and beyond? The majority of analysts believe that this coin will enjoy strong growth in the immediate future. However, their predictions vary in a couple of important ways.
First of all, there are differing opinions on how much it could grow by this year. Some experts believe that XLM could double its value in 2019. Others suggest a more modest increase, such as 10%.
The other crucial issue is the key resistance level. This is the point at which a currency reaches a certain value that sees it break through to the next level. Some experts put this at $0.17 for XLM while others suggest a figure of $0.35.
The $1 figure is another important barrier that the currency has to cross. If it does this, then it is probably safe to bet that Stellar Lumens has broken through to the mainstream.
What to Look Out For
Perhaps the key factor here is in the partnerships being opened up between Stellar and other companies. These deals help to promote the use of the coin and also increase public awareness of it.
A few of the most noteworthy Stellar partnerships to date include those with Stripe, Deloitte, and the Wanxiang Group. These big tie-ins could prove crucial to the currency’s future success.
Another point to consider is that, at the end of 2108, there were rumors of a partnership between Stellar and Ripple. The personal history involved may make this seem unlikely but the commercial reasons for doing this seem to make sense, as they each focus on different segments of the market just now.
Will It Out-Perform Ripple?
For many people, the key question is whether Stellar will manage to out-perform Ripple. Since they both offer very similar services in terms of fast, reliable cross-border payments, it is easy to think that only one or the other can succeed. With Ripple predicted to have a strong 2019, is that bad news for Stellar?
Is this the case of direct rivalry, though? By targeting different market sectors and partners, there should be enough room for both of these platforms to grow.
As for the direct price comparisons between them, it is clear that Ripple had a strong head start due to being launched first and performing well over a long period of time. However, the recent performance of XLM suggests that the future could see things getting tighter.
Overall, there is no doubt that this is a currency to keep a close eye on. Opinions on its future are divided but the signs currently point to an exciting time ahead for Stellar Lumens.