The latest edition of our cryptocurrency expert analysis focuses on the Stellar (XLM) altcoin which has managed to grow over the past week and finally retraced to its $0.10 price origins. The cryptocurrency has continued to pump and made the crypto news again, adding a further 10% on the day as XLM reached $0.10 again.
This six week high has allowed XLM to increase its market cap to about $195 billion as it closes up on Tether in eight place. News also showed that a German media company named Börsenmedien AG has announced that they were purchasing stakes in SatoshiPay a few days ago, which in turn helped initiate Stellar’s run.
Besides this, there doesn’t really appear to be any influence or major fundamentals driving the momentum for XLM, aside from the upcoming expectations and the Money 20/20 conference. One Reddit user described the situation nicely in a comment on the website, saying:
“Some folks will never learn. Many proceed to FOMO into anything that’s remotely pumping and chase them instead of holding good positions …”
Looking at the top twenty, a similar picture can be observed with NEO and Ontology dropping 2% each. Currently, the only altcoin that is holding on to a green gain is Ethereum Classic (ETC) – but this is only marginal.
Outside the top twenty, Tezos has a good pump of 9% on the day. Project PAI (PAI) is also getting a 22% pump which took the altcoin to $0.065 – pumping and dumping over the past few days as it appears that is mainly “FOMO driven.”
The only altcoin that has dumped doubles yesterday was Kyber Network. The cryptocurrency has managed to drop by 20% on the day and wiped out all of its recent gains. Aside from it, Ravencoin is also falling back today as it dropped around 10% of its value. Even though these altcoins are not that popular, they definitely play a huge part of the altcoin movement this Monday.
The total cryptocurrency market capitalization has not moved much over the past 24 hours. Currently, the market cap remains at $135 billion which is up from yesterday’s values. The daily volume has dropped back to $30 billion as momentum has cooled off and the consolidation has continued.
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Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims
“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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