The Cryptocurrency Market Is Flat, but Stellar Lumens and Ethereum Classic Rally
Jul 8, 2018, 6:13AM
The cryptocurrency market is flat today with most of the top ten assets moving by low single digits. The top hundred is more volatile.
The cryptocurrency market is flat today with most of the top ten assets moving by low single digits. Price action in the top hundred is more volatile with several assets moving by high single digits. However, overall, today's moves are inconclusive, and it is still possible for Bitcoin and Ethereum to lead the market in a rally going into the weekend.
The total cryptocurrency market cap remains stable at around $269.4 billion while Bitcoin dominance increases slightly to 42.4% of the market. Trade volume remains above average with $16.3 billion worth of assets changing hands in the last 24 hours.
Stellar Lumens & Other Big Movers
Stellar Lumens (XLM) is one of the best performers in the top ten today. The asset's small rally comes on the back of positive news in its development process. The Stellar development team has announced the upcoming StellarX, a "user-friendly and totally free place to trade on @StellarOrg's universal marketplace". This fully-featured trading application is unique because it allows users to exchange assets on-chain, supports both fiat and crypto trading, and refunds all network fees.
Despite the positive news catalyst, XLM is only up by around 2-4% in the last 24 hours and remains highly correlated with the other top assets in the market. Today's move takes the XLM unit price to $0.206 which translates to a total market cap of $3.87 billion.
Other big movers include Ethereum Classic (ETC), which is up by around 8% with no clear catalyst.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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