Price Analysis

Price Watch: Stellar Lumens Trending Upward While EOS, Cardano, NEO, IOTA Stabilize

Price Watch: Stellar Lumens Trending Upward While EOS, Cardano, NEO, IOTA Stabilize

At press time, many of the largest players in the cryptocurrency arena (i.e., Bitcoin, Ethereum, Bitcoin Cash and Litecoin) are incurring strong corrections and many of the top alt-coins are following in that direction. A handful of coins are beginning to stabilize and a few are even showing strong gains.

Stellar Lumens (XLM)

Stellar Lumens is showing double-digit gains since our previous price piece, with over $100 million in volume in the past 24 hours.

Stellar Lumens Price Chart - May 12, 2018
Stellar Lumens is up 17.13% over the past 24 hours.

This is unique in that it has been a tough week for XLM. The currency had lost roughly 20 percent of its overall value since Monday when it was trading for approximately 43 cents, and its total market cap stood just beyond $8 billion. Now, as the week comes to an end, the currency’s market cap sits at a meager $6.9 billion. That is a loss of over $1 billion in less than a week.

Cardano (ADA)

Cardano has dropped slightly to 26 cents – a two-cent decrease since our previous price discussion.

Cardano Price Chart - May 12, 2018
Cardano is up 3.67% over the past 24 hours.

In our previous article, we mentioned the coin’s integration on South Korean mobile payment platform Metaps Plus, and steps are now underway to move forward. Cardano is now the first cryptocurrency to be integrated into such a platform, which will make it usable by approximately 33,000 offline stores.

NEO (NEO)

NEO currently sits at $64. This is a three dollar drop since our previous price piece.

NEO Price Chart - May 12, 2018
NEO is up 1.18% over the past 24 hours.

After trading for roughly $90 during the week’s earliest points, this currency has since incurred a $25 drop.

Analyst John Isinge of FX Street says that NEO’s value has fallen by over 14 percent and that further price drops could occur granted the currency’s support levels don’t rise quickly enough.

At press time, support sits at $62.50.

EOS (EOS)

Like other members of the crypto arena, EOS has incurred a significant price drop since our previous article and is now trading for roughly $13.90. This is a fall of nearly 15 percent.

EOS Price Chart - May 12, 2018
EOS is down 5.49% over the past 24 hours.

Still, sentiment towards EOS remains largely positive, with analyst Satya Doraisamy calling it the “Ethereum killer.” The coin is widely publicized as the “Ethereum with a new motor,” and opponents of the original Ether refer to its technology as “outdated” or against the grain. The larger coin is currently facing problems regarding scalability and extended block times, which ultimately get in the way of faster transactions.

In June, EOS will launch a delegated “proof-of-stake” (DPoS) consensus protocol, in which voting witnesses on the currency’s network that achieve consensus are awarded for doing so given their rate of block production remains high. Delegates will propose changes to the network as necessary granted they have permission and support from most EOS stakeholders.

IOTA (MIOTA)

IOTA has also incurred a strong drop since our previous price piece. At that time, IOTA was worth approximately $2.05, though now, the price has fallen to roughly $1.90.

caption
IOTA is up 3.67% over the past 24 hours.

IOTA is trading for 12.4 percent lower against the US dollar. The currency’s total market cap has also fallen to about $4.9 billion, while daily trading has fallen to just over $133 million on exchanges like OKEx, Huobi, and Cobinhood.

Market Summary

Since our last discussion, the global cryptocurrency market cap has started to stabilize and has now grown by 4 billion, currently sitting at $392 billion.

Investors are warned to stay cautious. The market continues to show signs of price drops and ongoing volatility. Traders are asked to remain mindful and aware that the cryptocurrency arena is risky, and investments should only be made with money that one can afford to lose.

Cover Photo by Dmitriy Berdnik 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.

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Nick Marinoff Author

Nick Marinoff

Nick Marinoff is an author, writer, and journalist that has been covering the cryptocurrency arena since 2014. In the past, he has served as a news writer and editor for Money & Tech, and as a senior writer several cryptocurrency websites. He also has several guest publications under his belt from Sludge Feed to Coin Journal to Digital Gold Magazine. He has since traveled extensively to libraries, offices and other locations delivering seminars on the book's subject matter and the growing student debt crisis in America.

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