Stellar’s 38% Rally Along With LINK & IOTA Leading ‘Deep Red’ Market
For the past two days, altcoins are having a blast.
Previously, it has been XRP that has been leading the market gains, going above $0.30 level and now it’s rival Stellar.
While Bitcoin has been flat around $10,000, altcoins were surging like crazy.
But in the past 24 hours, the Bitcoin price crashed to $9,600, wiping out $400 in less than 5 minutes.
Although, Bitcoin price has since then made its way upwards to $9,800 — trading at $9,888 with 24 hours loss of 3.02 percent at the time of writing, as per Coincodex — this has the altcoins party come to an abrupt halt.
Top altcoins are down up to almost 7 percent, with Binance Coin in the lead with 6.49% losses. While Ethereum is barely above $200, XRP has taken a dive below $0.30 yet again.
USDT has fallen off its peg of 1 US dollar as well, trading at $0.9998.
However, it’s not all bloodbath in the cryptocurrency market.
Tenth largest cryptocurrency, Stellar (XLM) is dominating the market today with its 19.47% gains while trading at $0.08.
Stellar saw 100% gains as it went up from $0.058 on Sept. 17 to $0.11 on Sept. 18 on Coinbase.
However, XLM is still just over 90% away from hitting its all-time high at $0.875.
“Bounced straight from support to resistance (800 sats). Any weekly close above resistance and I'd expect 1500 sats to be hit,” said analyst DonAlt.
Breaking resistance… that started in November, 2018. Real volume. And this is Bittrex, where nothing has much volume. pic.twitter.com/Ru3OCB5AOc
— The Wolf Of All Streets (@scottmelker) September 18, 2019
This rally might be jump-started by Stellar Development Foundation’s decision to have a 2 million XLM (worth $120 million) airdrop — the largest in its five-year history — over the next 20 months in collaboration with Keybase.
Apart from XLM, IOTA is in the green as well by 3.18% at $0.2814 while LINK is surging by more than 7% while trading at $1.84.
Cardano (ADA) is barely in the green by 0.63% at $0.051.
The capitalization of the entire market that went up to $273 billion, today took a sharp pullback to $261 billion — ending up right where it started before the altcoins went crazy.
Bitcoin dominance has also nosedived, from 73.4% on Sept. 6, we have dropped to below 70% to 69.5%, a level last seen in mid-August.