Altcoins
Stellar (XLM) and Ripple’s XRP no more the safe havens in the crypto storm
The last couple of weeks have seen every single cryptocurrency lose a lot of value, starting with Bitcoin, and there is no end in sight. It’s been nothing short of carnage. But amidst this mayhem, two digital assets held fast. Granted, they lost value too. But their red numbers were written in single digits while every other token down by double digits. We’re talking about Stellar Lumen’s XLM and Ripple’s XRP.
Stellar Lumens (XLM)
It may seem a paradox, but you can make progress even in a market that is going down, and that’s what XLM has achieved. It briefly knocked Bitcoin Cash out of the 4th place by market capitalization. While it didn’t stay there definitely, this is a sign of things to come.
Bitcoin Cash’s hard fork created a hashing war, and it provided airdrops for community members. And yet, it’s gone down from $630 (before the fork) to around $160, currently. This is probably because many users that received coins from the airdrops are now squaring their Bitcoin Cash positions as the market is dominated by sellers.
As things stand, both EOS and Stellar Lumens have market capitalizations that are in the same zone as Bitcoin Cash. The difference between all three of them has been that XLM dropped at a much smaller rate. About two days ago you could have thought it would overtake them in the following days. This is exactly what happened between XRP and Ethereum, and now XRP is a solid second place by market capitalization.
But that’s not the case now. Stellar as gown down even more than EOS and Bitcoin Cash in the last 24 hours as it’s in red by 24%. In the current turmoil, XLM doesn’t really need to grow to be a safe haven. It just needs to keep dropping a lot more slowly than similar assets, which is precisely what’s been happening about 30 hours ago or so (but not now).
XRP
As we mentioned before, even in the recent mess, XRP managed a degree of success by becoming the world’s second-largest digital asset by market capitalization, overcoming the legendary Ethereum. It now outranks it by about four billion dollars, so it looks pretty safe in its new second place.
Then there’s the good news. TransferGo announced it would adopt Ripple’s xRapid platform to create a remittance corridor between Europe and India. This platform is fueled by XRP transfers, which creates demand and trade volume for the token.
Additionally, Ripple’s Asian partner, SBI, announced it would use Ripple’s technology to ensure security in credit card operations in Japan. And Mitsubishi also announced that it would use Ripple to settle payments between Japan and its Brazilian partners.
Ripple’s XRP has held fast because it’s proved to have myriad use cases in the traditional financial sector. Those banks who are using Ripple’s platforms and coin are settling international payments in minutes, at the cost of a fraction of a cent, thus giving their costumers better, safer, cheaper service. According to American Express, XRP is saving them around 70% of the costs involved in sending money overseas.
XRP has also managed to build a robust community that will go all the way to hell and back for the currency and the ideas it upholds. But even though it has been holding the grounds quite well, that case has changed now as the cryptocurrency is down by even more than Ethereum. XRP trades in red by 17.51% in the last 24 hours (ETH is down by 15.41%).
Good things happen even in bad markets, and they teach us a lesson. Let’s try and learn from the current bullish run: XLM and XRP are here to stay, and they’re very solid.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and 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 Pixabay.
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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