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Coinbase market influence: Stellar and Cardano pumping on listings hope

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Last weekend was a pretty dull weekend of exchange for the cryptocurrency market with a majority of coins recording depreciating prices across the crypto-board. Following the dismal performances that were experienced throughout the weekend by digital assets, the entire crypto market has depreciated by around 1.8 percent to stand at about $211 billion according to CoinMarketCap currently.

The Dismal Performance of Crypto Market

For the past few days, the crypto market has been experiencing a shortage of crypto news that is generally used to guide prices forcing investors and merchants to rely more on technical analysis.

And with many digital assets trading close to their resistance levels, the prices of these assets have been coming under pressure as the number of people selling them is exceeding those who are willing to buy them.

While that was the scenario for the two leading cryptocurrencies, Bitcoin and Ethereum, Stellar Lumens and Cardano (ADA) have been showing dissimilar trends. The two altcoins have been bullish defying the recent market declines that have been bedeviling the crypto market by surging upwards over the last few weeks.

The two altcoins have been so defiant on the recent market declines to the extent of Stellar (XLM) appreciating so much that it has now joined the list of the top five cryptocurrencies in the world at the expense of EOS. Stellar (XLM) has appreciated by over 23% since this time last month following the news breakout that it was being considered as a possible addition to the leading crypto exchange, Coinbase, along with Cardano (ADA).

From the look of things, it appears that merchants are investing in Stellar and Cardano with the hope that the two altcoins are going to be added to the Coinbase exchange, an action that is sure to drive the demand and prices of the digital assets in question. However, for now, here is how the two cryptocurrencies and others have been performing for the past seven days.

Stellar Lumen (XLM) Technical Analysis

From the look of the things, there is no doubt that Stellar Lumen has been having a great run leading the pack of most improved cryptocurrencies with an over 8% gain in the last seven days.

On Monday, Stellar (XLM) even overtook XRP which managed to surge by 10.71 percent to currently trading at $0.265 with a market cap of about 5.1 billion US dollars.

1-day Chart

From the 1-day chart, Stellar Lumen’s downward trend is fluctuating between 0.27 US dollars and 0.26 US dollars and its upward trend is hovering between 0.28 US dollars and 0.29 US dollars.

According to our observations, the resistance level that was formed in September is yet to be broken with the trend lines creating an ascending triangle that indicates a further price surge in the coming days.

Cardano (ADA) Technical Analysis

On Sunday, Cardano (ADA) appreciated by 1.99 percent following an almost similar price hike of 1.14 percent on Saturday. The weekend gain played a crucial role in changing the tides of the cryptocurrency since it assisted it in reversing the losses that had been experienced earlier in the week to leave the altcoin at 0.077 US dollars.

On Sunday, Cardano (ADA) experienced an intraday low of 0.7422 US dollars following an early afternoon sell-off that forced the cryptocurrency to call on support at its first major support level at 0.0748 US dollars. It was followed by a broad-based market rally that was experienced in the afternoon driving Cardano’s (ADA) prices back to the 0.077 US dollars levels by the end of the day.

At the time of writing, Cardano is the 8th largest cryptocurrency in the market with a market cap of about 1.94 billion US dollars.

As per the last 24 hours price charts, both Stellar and Cardano stand in red as we write this article but are expected to be trading in green shortly again.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Ollis-Picture/PixaBay

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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