The past week has the entire cryptocurrency market cap drop 19%, shrinking from $391 billion to $328 billion. Over the past 24 hours, altcoins such as Stellar Lumens, Cardano NEO and IOTA have remained steady while EOS is beginning to trend upward.
Stellar Lumens (XLM)
Since our previous price article, Stellar Lumens continues trading for roughly 27 cents.
In a recent interview with the Daily Forex Report, financial analyst and computer programmer Jed McCaleb explained that big things are happening for XLM, and he is confident the currency can reach $1 sooner than investors might anticipate. McCaleb states that Stellar is being used in over 200 rural areas in developing nations like Nigeria, and approximately 300,000 residents have access to the currency.
Interestingly, most of these users happen to be women, who prior to this, had no access to financial services and were unable to conduct formal transactions.
Cardano has fallen by about one cent since our previous price article, trading for approximately 19 cents at press time.
Recently, Cardano CEO Charles Hoskinson posted a live announcement on Twitter while in Colorado. Addressing both the public and Cardano community, he mentioned that the Cardano 1.2 test net will be released sometime in early summer 2018. While the exciting news for some, various fans criticized the hype and pointing out that Hoskinson has been talking about this update since early March.
Addressing the backlash, Hoskinson replied that the Cardano network had recently been hit with a variety of small, yet noticeable flaws and that he has been looking forward to releasing a pitch-perfect platform for all users.
NEO has experienced no change since our previous price article and is still trading for just over $52.
After the April 2018 announcement, NEO is currently implementing major organizational structure changes. The NEO Foundation is to be co-chaired by Da Hongfei – NEO’s current CEO – and Erik Zhang, of GitHub. In addition, the Foundation will split into two separate units: NEO Global Development (NGD), and NEO Global Capital (NGC).
Some of the organization’s biggest focuses will include upcoming technological releases, community operations and changes to its marketing campaigns.
EOS is the only altcoin on our list in the green, incurring a $2 price hike from $10 to $12.81 respectively since our last price discussion.
This could be the result of its anticipated mainnet launch only a week away. However, 65% of users still have not registered their coins for the scheduled migration, despite the process being classified as “fairly easy.”
At press time, only 45% of coins have been officially registered, meaning that all coins not registered by June 2 will be rendered worthless and unusable in the short-term.
IOTA has incurred no change since our last price article and is still trading for about $1.47 at press time.
IOTA announced the launch of its new platform “IAMPASS.” The system combines both secure and hygienic biometrics based on a person’s unique palm-vein structure. IAMPASS is designed to raise encryption to a new level, and potentially block hacking and other illicit activity before it occurs.
The total cryptocurrency market cap has fallen by roughly $7 billion since our previous price article and is approximately $328 billion. While altcoins remain largely unchanged, the global cryptocurrency space is still affected by price drops and general volatility. Investors should remain privy to these facts, and trade responsibly and carefully.
Cover Photo by Grant Ritchie on Unsplash