In this new section we will look at the top 25 cryptocurrencies and pick out the best performer. Each day the markets usually follow a similar pattern, often mimicking their leader, big daddy Bitcoin. On occasion however one stands out usually performing better than its digital siblings. We will look into possible reasons for interest in that particular coin beyond the regular FOMO.
Today’s top performer during the Asian trading session is Stellar Lumens, currently trading at $0.64. According to Coinmarketcap it has increased by 11% in the past 24 hours while all other virtual currencies in the top 25 have barely made it over 5%. What was perceived as a bull run started yesterday seems to have fizzled out. XLM has continued strong and has made it to number 6 in the market cap charts.
The renewed interest could possibly be on the back of online payments company Stripe dropping Bitcoin and considering Stellar as an alternative digital payment platform. Stellar Lumens is exactly that, a hybrid blockchain that facilitates cross currency and asset transfers. It has the advantage of operating hundreds of times faster than Bitcoin and at a fraction of the cost. It could also be that Mobius announced yesterday that it has raised $39 million in its ICO which ran on Stellar instead of the usual standard, Ethereum.
XLM has a current market cap of $11.5 billion; there are 100 billion tokens in total with 17.8 billion circulating. The top three exchanges are South Korean Upbit, Hong Kong’s Binance and US based Bittrex.
More info on Stellar Lumens can be found here: https://www.stellar.org/
FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.