The momentum has returned and crypto markets are performing well this morning in Asia. After a couple of days of sideways trading things are starting to move upwards once again and total market capitalization is moving towards the key $350 billion level which represents the high of the last rally. Bitcoin is up 3% on the day and is currently trading at just under $8,200. Altcoins are also performing well and are mostly in the green, the one streaking ahead this morning for the second day in a row is Stellar Lumens.
Coinmarketcap reports that XLM is outperforming all of the other cryptocurrencies in the top 25 once again and is trading 21% higher than this time yesterday. Currently priced at $0.37 Stellar has gained solidly from the $0.31 level it was at this time yesterday. Weekly gains are also very impressive with 76% growth from $0.21 from this time last Thursday. Similar gains can be seen on the monthly chart also as Stellar rebounds from its low in mid-March. Compared to Bitcoin XLM is trading 17% higher today at 4580 satoshis from 3900 sats this time yesterday. On the week Stellar has gained over 50% against BTC from 3030 satoshis this time last week.
The announcement of a partnership with global software technology and systems integrations provider, Novatti, has boosted the altcoin’s performance today. Stellar’s payments blockchain will be used to improve Novatti’s payments technology. Transactions across the network are expected to start next month and director of partnerships at Stellar, Ella Qiang, said “Congrats to our anchor partner Novatti Payments on completion of Stellar integration! Look forward to seeing transaction commencement in the coming month.”
Binance leads the way with XLM trade volume at almost 30% of the total. South Koreans are also heavily into Stellar this morning with Upbit and Gopax taking a further 30% in KRW. Total volume has increased over 60% in the past 24 hours and currently sits at $200 million. Stellar is poised to overtake Cardano in the market cap top ten and currently sits at 8th position with $6.9 billion.
Total crypto market cap has increased by 6.5% over the past 24 hours and is currently $347 billion. It has almost reached the previous high and if it can exceed $355 billion it may signal a true market recovery. Most of the other altcoins are performing well during Asian trade this morning, ones in double figures include Ripple, Bitcoin Cash, Neo, Monero, Dash, Tron, Icon and Lisk.
More on Stellar can be found here: https://www.stellar.org/
FOMO Moments is a 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 possible fundamentals.