Smaller altcoins have significantly not affected the cryptocurrency market cap, though some have experienced minor drops over the last 24 hours, and the green swells witnessed amongst major assets are not as prominent this time around.
Stellar Lumens (XLM)
At press time, Stellar Lumens is trading for about 41 cents. Per Tech News Leader, the currency has had difficulty while trying to push its price forward. Things appeared to change by the mid-week point, however, after Mobile Currency used the Stellar Consensus Protocol to raise over $30 million in seed funds, garnering newfound investor attention for XLM.
Cardano has experienced a slight drop in price since our last article, falling from 37 cents to 34 cents respectively. FXstreet’s analyst, John Isinge, says the currency recently spiked on the popular Huobi exchange, but it is also encountering newfound resistance at 39 cents, and has been unable to break above.
However, Cardano seems to be showing promise with its continually adapting blockchain. The company has released a peer-to-peer research paper detailing how its recent test-net project Ouroboros Genesis was established, and offers investors and researchers alike more of a proof-of-stake algorithm (designed to solve bootstrapping issues), as opposed to a proof-of-mining system.
In addition, Isinge states that while support has been developed at 35 cents, Cardano is likely to experience increased selling pressure granted it moves up to $0.38, and that a “bearish momentum” may continue in the short-term.
NEO is present trading for $82 – a six dollar drop since our previous discussion. For now, it appears the coin has found comfort at its present level, though FXStreet’s analyst, Ken Chigbo, says the $75 – $85 range may continue to present resistance and further problems.
However, Chigbo also mentions that since April 24, the coin has been forming an ascending pattern and that $100 may not be too far off the mark for the Chinese asset.
The coin recently garnered newfound attention through its association with the blockchain-based space exploration game Parsec Frontiers, which recently announced a “dual token structure” using both Ethereum and NEO. Its entire infrastructure and PRSC assets will also be based on NEO’s technology. The company recently called the coin “mature” and “industry ready,” and scheduled a token sale for May 15.
EOS is trading for $17.55. That’s a drop of over one dollar since our last price piece. The currency was moving at a steady pace throughout April, but is now being labeled as an “underperformer” by FXStreet’s analyst, Ken Chigbo, who states that resistance has been established at $18.40, and that further price retests will occur in the coming weeks, potentially bringing EOS down further.
By contrast, FXStreet’s analyst, Manoj Rawal, calls EOS one of the cryptocurrency arena’s “biggest gainers,” and feels the asset could reach $19 by next week.
IOTA is also in the red at press time, trading for about $2.31. As noted in our previous writing, IOTA’s price was at $2.5, thus signifying a 20 cent drop in just a few days.
The currency still has big plans in its midst, however, and recently unveiled a new project that executives are simply calling “Q” (short for “Qubic”). IOTA founder David Sønstebø says Q will enable smart contracts and bring the currency up to $2.66.
The cryptocurrency market cap stands at $452 billion – a $2 billion decrease since our previous price article. The short-term downtrends of smaller altcoins have not altered the growth of the modern cryptocurrency arena, though investors are still advised to trade carefully.
Cover Photo by Patrick Hendry on Unsplash
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.