The selloff that started yesterday has fortunately abated and markets have not tumbled back levels seen at the beginning of the month. Total crypto capitalization has returned back over $400 billion, led by Bitcoin which is trading 3.6% higher today at just over $9,200. The minor correction was expected following two weeks of solid gains. All altcoins are in the green at the moment during Asian trading, as usual one is outperforming the rest and today that coin is Stellar Lumens.
According to Coinmarketcap XLM is the best performing altcoin in the top 25 with a 16% increase on the day. Stellar Lumens is currently trading at $0.42 up from a level of $0.36 this time yesterday. Over the week XLM has also been strong with an increase of 15% from a similar level this time last Friday. Over the past month Stellar has almost doubled in price from $0.21 this time last month. Against Bitcoin XLM is up 10% to 4540 satoshis from a level of 4100 sats this time yesterday. Weekly gains have been similar but over the month Stellar has gained 70% against Bitcoin rising from 2660 satoshis this time last month.
The conclusion of MobileCoin’s multi-million dollar ICO has provided the momentum for XLM today. The privacy-based ICO raised $30 million using the Stellar Consensus Protocol to streamline mobile payments. Stellar’s integration with MobileCoin gives it an entrance to the mobile payments market which could be huge. Stellar is angling to become the standard for fast and cost effective micro-payments using mobile messaging systems.
Trading has been dominated in South Korea once again with 27% in KRW. Binance however handles the highest level of trade with 24%. Trade volume in XLM has climbed almost 90% from $115 billion to $217 billion where it currently stands. Market cap is $7.8 billion which places this altcoin at 7th in the charts.
Total market capitalization for all crypto markets has 4.3% climbed to $413 billion indicating that the last dip was a minor correction and long term signals are still bullish. Other altcoins doing well this morning in Asia include Icon and Verge. Siacoin also needs a mention as it has jumped 52% this morning nudging it closer to the top 25.
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 possible fundamentals.