Blink and you’ll miss it.
In the turbulent crypto race, the market has been a hotbed for volatility recently. There are multiple factors at play right now, from news of Trump’s decision to abandon the Iran Nuclear deal to Warren Buffett denouncing Bitcoin as ‘rat poisoned squared.’ Another game changer that sent tremors through the crypto market was the news that UpBit, South Korea’s leading cryptocurrency exchange, is under investigation for diverting client funds and fabricating records.
Nevertheless, new developments and partnerships in the pipeline have kept crypto-enthusiasts optimistic about an upcoming recovery. We tapped into the CoinWatch Platform to identify 3 of the most compelling coins tipped to ride out the storm.
Stellar (XLM)
Whilst most of the digital coins have taken a critical blow this weekend, Stellar Lumens (XLM), which offers blockchain solution for transfers, is one of the only altcoins gaining traction right now. Stellar peaked on April 29 to trade at $0.45, before plunging into May to reach a low of $0.31 on May 11. However, the coin picked up the pace and was on the path to recovery, arriving safely back in the green zone by May 13. Stellar is now on an upward trajectory and is currently trading at $0.35.
Over the past few weeks, Stellar has experienced a wave of interest from investors and crypto-enthusiasts alike due to a few influential factors. Most notably, the OKEx exchange in Hong Kong recently listed Stellar under trading pairs in December 2017. After this $1.4 million was exchanged between Stellar and other major cryptocurrencies. Stellar also partnered with tech giant IBM to develop a platform to enable cross-border transfers with around 7 unique currencies from the South Pacific, including Australian and New Zealand dollar. The Malaysian-based Pundi X is a Point-of-Sale (POS) solution platform is still in the early phases but seems to be an influential reason for the positive buzz surrounding Stellar right now.
Another influential development for Stellar is that Kin (KIN) foundation announced a decision to fork from the Stellar blockchain due to scalability issues and develop two parallel blockchain solutions involving Ethereum and Stellar. Gadi Srebnik, the developer of the innovative new project known as Kik Messenger said “the addition of Stellar as a second blockchain will allow us to operate the Kin Ecosystem on a faster, more efficient foundation, with low transaction fees…to achieve the speed and scalability that digital services in the ecosystem will require."
Litecoin (LTC)
Litecoin (LTC) has also been riding the same rocky road as the other coins recently. After spiking at $178.16 on May 5, the coin suffered a major knock-back and descended to $136.47 on May 12. Since then however, Litecoin gained flight and rose to $144.41 on May 13. While LTC is still fluctuating, it currently stands at $138.47.
One of the major factors tipped to drive momentum to Litecoin’s value is Blocknet’s announcement that LTC will soon function as a cross-blockchain decentralized app. This is because LTC is now compatible with the Blocknet protocol. Blocknet stated in their blog that ‘Litecoin can be used in cross-blockchain dapps such as a payment processor that will allow payments accepted in Litecoin to be paid for in any other currency or vice-versa.’
Another potential driving factor for Litecoin is that Abra, a leading cryptocurrency wallet, recently publicized plans to list Litecoin. Abra’s CEO, Bill Barhydt, has stated ‘the mobile app will now support withdrawal and deposit of Litecoin (LTC) and support USD wire transfers in its news update.’
Bitcoin (BTC)
Crypto-veteran Bitcoin (BTC) has already been on a rollercoaster ride in recent weeks. After breaking the resistance point of $9,500, Bitcoin spiked at $9,845.90 on May 5, before dipping to $9,032 on May 10. This weekend the coin plummeted to a fresh low of $8,406.31, but crypto bulls aren’t concerned.
Crypto Hedge Fund CEO, Joe DiPasquale surmised that the ‘caused turbulence in a specific region’ and ‘created shockwaves globally’, but ‘the markets overreacted in past’ and ‘as the market matures…investors will grow a thicker skin.’
Meanwhile Blockchain Intelligence Group analyst, Shone Antsey, highlighted that Bitcoin fell less than the other altcoins, but ‘BTC is the anchor crypto that all other cryptos are tied to.’ He continued ‘Bitcoin is the most stable and dominant cryptocurrency with the largest network effect’ and ‘the one to watch, since if it fails they all fail.’
Plus crypto-enthusiasts expect Bitcoin prices to rise ahead of the 4thannual four-day Consensus Conference in New York. The event will feature around 4,000 crypto, tech and blockchain heavy-weights, including Litecon creator Charlie Lee. It will also enable new blockchain initiatives to showcase their most innovative products and features.
Article by Jenny Lynton
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
