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After Massive Correction, Stellar Lumens Looks to Capitalize on Lightning Network

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As far as percentages go, Stellar Lumens was one of last week’s biggest losers. After recouping most of its losses Monday, the world’s eighth largest cryptocurrency is looking to take flight on a planned implementation of the Lightning Network protocol later this year.

XLM/USD Price Levels

It has been a wild seven days for Stellar’s XLM. The cryptocurrency fell from a high of $0.30 last Wednesday to a low of $0.16 on Sunday – a decline of roughly 47%. By comparison, the broader cryptocurrency market fell by 28% over the same period. At current values, Stellar owns a market cap of $4.6 billion. That’s roughly $200 million shy of NEO and $400 million behind Cardano.

XLM staged a large recovery on Monday, having rebounded more than 50% from the weekend lows. The cryptocurrency is up more than 11% in the last 24 hours and was last seen trading at $0.25, according to CoinMarketCap.

With ether as the quote currency, Lumen rose more than 5%. It also advanced more than 3% against bitcoin.

In terms of daily transaction volumes, nearly $82 million worth of Lumen traded hands in the last 24 hours. Binance and Upbit each turned over roughly 27% of the daily total, based on latest available figures.

Stellar Goes Lightning

Originally designed for the bitcoin network, Lightning is quickly spreading to other blockchains, chief among them being Stellar. The non-profit behind Stellar announced last month that it is planning to implement Lightning later this year. Although the platform does not require Lightning, the protocol will have a significantly “positive effect on Stellar’s long-term scalability and security,” the roadmap said.

It added: “Of course, unlike bitcoin, Stellar doesn’t need “saving” . . . we’re just going from a good place to an even better one,” the roadmap said, adding that it will retain the services of bitcoin core developer Jeremy Rubin to implement the protocol.

On Monday, Stellar detailed the specifications behind Lightning adoption. The new roadmap includes a testnet of Lightning on April 1, followed by state channels beta implementation four months later. The Lightning Network beta is expected Oct. 1, followed by livenet launch on Dec. 1.

The roadmap also claimed Stellar to be the most “deployment-ready” cryptocurrency among the major platforms, as evidenced by the following:

Source: Stellar.org.

According to Stellar founder Jed McCaleb, much of the impetus behind this kind of scale are the partners backing his project. Some of the biggest companies listed on Stellar’s partner directory include IBM, Deloitte and Stripe.

Lightning Labs, the company behind the Lightning Network, has been progressing swiftly on beta testing of the payment system. Last week, it announced the beta version of its Lightning Network Daemon (LND), which promises to bring more scalability and faster payments to the bitcoin network.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

Basic Attention Token (BAT) Quietly Racks Up 42% Gains on Coinbase Anticipation

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Basic Attention Token (BAT) has been quietly recording day on day growth for the last four days as anticipation builds regarding a Coinbase listing.

The value of BAT has increased by 42% in that time, as public opinion leans toward the theory that BAT’s ERC-20 foundation makes it a prime candidate to be the next token listed on Coinbase.

This follows on from the recent listing of Ox (ZRX), which resulted in the token gaining 44% on its value in just over twenty-four hours. Attention has now turned to BAT, and trade volumes hit a three month high this week, all without any real confirmation from Coinbase.

BAT/USD

As of Friday afternoon BAT had grown by 15% in the preceding twenty-four hour period, arriving at a peak price of $0.242660. The last four days were marked by day on day growth, and by Friday afternoon’s peak BAT had risen 42% in value.

Furthermore, the monthly gains for BAT stand at 65%, showing a clear rise in momentum within the last week. The current valuation returns the altcoin to its valuation prior to the September crash. For Bitcoin and Ethereum to say the same, they’d have to reach valuations of $7,400 and $295 respectively.

The majority of trades came on Binance on Friday – 50% of the $14 million total. The BAT/BTC trade was the main mover, and racked up eight hours of green candles between 04:00 and 14:00 UTC.

Coinbase Effect

The whole Coinbase saga began for BAT over three months ago, when the exchange released an announcement stating they were considering the listings of five particular cryptocurrencies. Stellar (XLM), Cardano (ADA), Ox (ZRX), Zcash (ZEC) and Basic Attention Token (BAT) were the cryptos named, and all recorded double digit growth on the day of the announcement.

Even after Coinbase released another statement reminding people that the coins were merely ‘under consideration’, their values continued to surge.

Now, given the ERC-20 structure of BAT, it appears likely that the token will be the next one added to Coinbase. The underlying structure of a coin or token is one of the things an exchange must consider when adding a cryptocurrency. The recent additions of Ethereum Classic (ETC) and Ox (ZRX) suggest that the exchange now has a handle on Ethereum-based tokens.

New Brave Browser

Today also marked the release of the updated Brave Browser – the privacy focused web browser which pays users in BAT for time and attention. The new browser is being hailed as 22% faster than the previous version. According to the Brave twitter feed:

“Our new desktop browser has a 22% faster load time on average than our exiting Brave Muon version. That’s as much as 8-second faster page loads on certain sites.”

The Brave Browser hit four million downloads in September, making it one of the most utilized crypto-based applications to date.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can’t afford to comfortably
Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Zcash Price Analysis: What is Behind the Recent Surge in Price?

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  • Zcash had jumped over 17% over the period of 12-18th October, before running into sellers.
  • The foundation set to launch the Sapling protocol upgrade. To improve efficiency for shielded transactions.

Zcash over a 6-day period from 12-18th October gained a whopping 17%. Moving quickly from as low as $108, to then be above $126. Since, the price has run into some sellers and touted profit-takinggiven the large run in such as short time frame.

What Is This ‘Zcash’ (ZEC)?

Zcash was a hard fork of Bitcoin in 2016. Unlike the number one ranked crypto by market cap, privacy is ensured via Zcash. Personal and transaction data are kept confidential. This being facilitated through zero-knowledge proofs, allowing conducted transactions to go through verification without any required details about the sender, receiver as well as the transacted amount.

Zcash Set to Launch Sapling Protocol Upgrade

The Zcash foundation recently updated via their blog ‘Sapling Transaction Anatomy’. Full breakdown details can be read there as they are set to launch the Sapling protocol upgrade.

Sapling, this will be a network upgrade that aims to substantially improve efficiency for shielded transactions – paving the way for broad mobile, exchange as well as vendor adoption of Zcash shielded addresses. Their motivations for the Sapling upgrade are to increase speed on these shielded transactions.

Coinbase Speculation Continues to Do Rounds

The community around Zcash continues to speculate on whether the privacy-focused crypto will be added to Coinbase. Earlier in the year, Coinbase said they were exploring the possibility of listing Zcash and others, such as Cardano, Basic Attention Token, Stellar Lumens and 0x on its platforms. This covered back in July and does not guarantee it will be added, but the hope still appears to be flowing through the community.

Zcash Jumps to 20th Largest by Market Cap

Earlier this week, Zcash managed to break into the top 20 cryptocurrencies by market cap. It overtook Dogecoin. The current market cap at time of writing seen at $588,429,693, ahead of DOGE at $513,884,230.

Technical Review – Daily Chart

ZEC/USD daily chart

ZEC/USD has been cooling over the past two sessions, after its recent 17% price run. It isn’t too much of a surprise to see the current easing, given the fast surge higher. Near-term support can be found around $115 area, then further south within a demand zone tracking from $110-105. Looking to the upside, sellers are camped heading into the $130 territory. A higher near-term target would be eyed at $145, price last traded here on 28th September.

This year Zcash is still down some 80% from the highs in January, up over the $800 price level. It has failed to sustain any upside momentum, rallies continue to be sold by the bears. This is something that has been seen across the other cryptocurrecies, not just Zcash. The market continues to search for a bottom.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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A Tale of Two Pumps: PIVX and INS Ecosystem in Coordinated 25% Spikes on Bithumb Listing

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PIVX (PIVX) was added to Korean cryptocurrency exchange Bithumb on Thursday afternoon and immediately felt a 28% boost to its market value. The pump appears to have been a coordinated effort, with $1 million worth of trades entering the PIVX market in ten minutes on the Upbit exchange.

The other coin added to Bithumb on the same day – INS Ecosystem (INS) – also experienced a similar pump at the exact same time, but on Binance’s INS/BTC market.

Upbit PIVX Pump

At 01:00 UTC on Thursday morning, PIVX/KRW suddenly soared on Upbit, with $1 million entering the exchange in a matter of minutes.

Buy orders then picked up in the Binance PIVX/BTC market soon afterwards, and by ninety minutes later PIVX had climbed 28% in value – from a coin price of $1.26 to $1.62.

The peak didn’t last long, and by Thursday night PIVX can be found back down at the $1.34 mark. Essentially the 28% growth was followed by a 17% loss. Or to put it another way, 75% of the morning’s spike was gone less than twelve hours later.

Daily volumes for PIVX climbed from $1.4 million to $16 million over the course of the day. The Bithumb trades had already started to roll in by Thursday evening, with $1.2 million coming from the exchange’s newly formed PIVX/KRW pair. Upbit continued to be a source of PIVX buys long after the initial pump, hosting 60% of the coin’s total trades.

INS Pump on Binance

Meanwhile, at the exact same time over on Binance, INS Ecosystem (INS) found itself being bought up in huge numbers by one or more BTC holders.

Within ten minutes INS was pumped to the tune of 26%, as $600,000 was added to the coin’s initial $900,000 trade volume. Over the rest of the day, volumes rose over 500%, peaking at over $6 million at time of writing.

INS Ecosystem was mentioned alongside PIVX in the recent Bithum announcement, and already boasts listings on Binance, Kucoin and OKEx. Over 66% of trades came from Binance on Thursday, while the new INS/KRW pair on Bithumb immediately made itself felt, hosting $2.5 million worth of trades.

After suddenly spiking from a coin price of $0.469610 up to $0.592142, INS immediately trailed off, and found itself back down at the $0.50 range by Thursday night.

Who, What, Why?

Both coins were pumped seemingly just moments before this announcement by Bithumb was posted. The Korean publication time for the article equates to 01:00 UTC exactly, while both of these coins were pumped at exactly 00:59 UTC.

One could only speculate on the source of the pumps, but ultimately, two coins have been thrown around like rag dolls today, and it’s anyone’s guess how long the selloff will continue.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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