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Stellar Lumens Skyrockets on New Year’s Day

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Stellar Lumens (XLM) is now the world’s tenth largest cryptocurrency following a surge of 30% on New Year’s Day. The altcoin’s market cap has more than doubled in the span of a few weeks as investors rallied behind XLM’s strong value proposition as a cheaper, faster and customizable platform.

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XLM Price Levels

Stellar’s native Lumen assets spiked 31% on Monday to $0.4547 U.S., according to CoinMarketCap, putting it on track for its highest settlement on record. The cryptocurrency reached a session high of $0.4670 at around 6:44 UTC.

Trading volume in XLM approached $439 million over the span of 24 hours, which is equivalent to roughly 32,965 bitcoin. Most of the transactions took place on just two platforms – Bittrex and Poloniex – with the likes of Binance, Kraken and Bitcoin Indonesia processing a smaller percentage of the daily turnover. The XLM/BTC and STR/BTC pairs were responsible for most of the activity.

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At present values, Stellar is capitalized at $8.1 billion, placing it among the world’s top-ten cryptos and ahead of Monero, NEO and bitcoin gold.

The total market cap for all cryptocurrencies rose to $600 billion on Monday following a sharp decline during the previous session.

Strategic Partnerships, Promising Platform Drive XLM

Major partnerships with banks and technology companies have contributed to Stellar’s six-fold increase in the span of a month. Dow blue chip IBM recently announced it would provide the Stellar network with eight new validators spread across the globe. Stellar’s founder Jed McCaleb also confirmed that some 30 banks would join the IBM project. (For the uninitiated, McCaleb is the brains behind Ripple and Mt Gox.)

The Stellar platform has also unveiled new partnerships aimed at boosting cross-border payments, monetizing online businesses and streamlining FX/crypto transactions. There’s also strong reason to believe Stellar could become a more viable platform for businesses seeking to raise capital via initial coin offerings (ICOs). In November, Smartlands became the first ICO to launch on the Stellar platform. We’ve speculated before that other ICOs may follow suit to capitalize on Stellar’s customization and security features, not to mention lower costs and faster transaction speeds.

As far as altcoins are concerned, XLM is emerging as one of the most attractive from an investment standpoint. As the crypto market matures and investors diversify away from bitcoin, XLM could be poised to reap the benefits.

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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Fears of Regulatory Crackdown Flush $190 Billion Out of Crypto Market

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Bitcoin, Ethereum and every other major cryptocurrency collapsed on Tuesday, as fears of regulatory clampdown in South Korea triggered a mass exodus from the digital asset class. The collapse comes as mainstream media reports continue to push the idea of an imminent ban on cryptocurrency exchanges even as lawmakers cautioned no decision had been reached.

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Cryptocurrency Market in Free Fall

The cryptocurrency market declined rog $190 billion on Tuesday, marking one of the biggest single-day drops on record. At its lowest, the market was valued at $510 billion,  which was than $200 billion below its peak earlier this month.

The top 20 coins were each down in excess of 17%, according to data provider CoinMarketCap. Nearly $49 billion worth of cryptocurrency exchanged hands over the past 24 hours.

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Bitcoin plunged below $12,000, reaching its lowest level since early December. Ethereum, its biggest rival, fell back toward $1,000, while Ripple bottomed out at $1.23 after peaking above $3 just a few weeks ago.

South Korea Jolts Market

It was mainly regulatory issues that jolted cryptocurrencies on Tuesday, with South Korea mulling new legislation to stamp out excessive risk from the market.

South Korea’s finance minister Kim Dong-yeon reportedly told local radio that an all-out ban on cryptocurrency trading was a “live option, but that government officials still need to “seriously review it.” Seoul’s biggest issue with cryptocurrency trading is the level of speculation in the market and the role of anonymous accounts in spurring volatility. New regulations have already banned anonymous trading on domestic exchanges and barred foreigners from participating in the market.

Last week, some of South Korea’s busiest crypto exchanges were raided by police and tax agents over alleged tax evasion. The raids were confirmed by an employee at Coinone, who spoke to Reuters anonymously.

Seoul’s financial authorities had previously indicated they were investigating six banks that offer cryptocurrency accounts. In addition to speculative risks, authorities are also concerned about the link between cryptocurrency trading and organized crime.

South Korea is a major center for cryptocurrency and is home to some of the largest exchanges. Local traders have been the main catalysts behind some of the crypto market’s biggest gainers, including Ripple.

Some analysts believe that further regulatory crackdown will be ineffective given the borderless nature of cryptocurrencies. When China banned cryptocurrencies, traders there migrated their accounts offshore to Hong Kong or Korea. This suggests that a regulatory crackdown can only succeed with broad international cooperation, which does not exist at the time.

Chinese regulators know that their measures have done very little to limit virtual capital flight from the country. That’s why they are moving to block domestic access to offshore exchanges, according to a recent Bloomberg report.

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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NEO Shows Poise While Other Cryptocurrencies Struggle

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NEO has quietly emerged as one of 2018’s best performing cryptocurrencies, defying multiple market selloffs en route to new highs. The so-called Ethereum of China has also carved out a name for itself in the fast-growing ICO market, where it is now among a small handful of blockchains enabling startups to raise capital through the popular crowdfunding model.

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New Record Highs

NEO was the only major cryptocurrency to spike this weekend, even as bitcoin and Ethereum suffered declines. The coin pushed higher on Monday, hitting a new record of $205.46. It would later consolidate around $190 for a gain of 17%.

The latest rally gives NEO a market cap of $11.8 billion, putting it eighth among active cryptocurrencies. Trade volumes over the last 24 hours reached $1.5 billion with 65 million tokens in circulation. The majority of the turnover occurred on just two exchanges: Upbit and Binance.

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With the gain, NEO’s value has appreciated around 120% year-to-date. That’s nearly double the price growth of Ethereum, a comparable platform that recently took back the second seed on the crypto market cap leader board.

Ethereum of China

NEO’s trajectory over the last six months has mirrored Ethereum’s both in terms of value and project development. Its success is partly owed to ether, as both cryptocurrencies are based on smart contracts. NEO differs from Ethereum on several fronts, including the execution of C# code, which makes it more attractive for developers.

Beyond the hype, NEO provides developers with the toolbox to advance the smart economy by digitizing assets and automating the management of those assets through smart contracts. It is perhaps the only cryptocurrency that can succeed in a heavily regulated China, which only recently tightened the noose on cryptocurrency miners as part of its broad offensive against digital assets.

With the exception of Stellar Lumens, NEO is perhaps the only cryptocurrency not named Ethereum that is making inroads into the ICO market. Dozens of token raises have launched on the NEO platform, including 27 in the span of two days. Although China has banned ICOs, there’s a possibility that regulators may one day introduce a centralized model that will allow the government to oversee the entire process.

According to at least one metric, ICOs raised more than $6 billion last year, with December being the most successful month yet with more than $1.6 billion raised.

While this is merely speculation at this point, the Chinese ban on cryptocurrency was initiated just before the 19th National Congress of the National Party. The event, held every five years, is usually a showdown between communists die-hards who want to maintain the old system of central planning and those who are seeking more liberal reforms.

Regardless of China’s regulatory future, NEO appears poised to capitalize on any opportunity involving public blockchain. The company certainly has that ambition, and has shown no issue following national guidelines.

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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Ripple Crashes to 2018 Lows Amid Lingering Doubts Over South Korean Regulation

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Ripple took the plunge on Monday, falling to its lowest level in nearly three weeks as investors continued to ponder South Korea’s regulatory shakeup of the cryptocurrency market.

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XRP/USD Price Levels

Ripple’s native XRP token touched a session low of $1.47 on Monday, which represented a decline of more than 16%. The coin’s price was last seen hovering at $1.58 for a loss of 10%.

XRP briefly traded at its lowest level since Dec. 29. The token is currently testing the Jan. 11 low of around $1.57.

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At present values, Ripple is capitalized at $62 billion, according to CoinMarketCap. That’s roughly half of Ethereum, the world’s no. 2 digital currency system. Ripple had briefly claimed the second spot in the crypto charts before a brisk selloff knocked it from record highs.

Ripple ran into volatility last week after CoinMarketCap removed several South Korean exchanges from its listing due to “extreme divergences in prices from the rest of the world.” The action prompted a multi-billion-dollar selloff of XRP, which is traded heavily on the Korean peninsula.

Why is Ripple Plunging?

It has been a roller coaster two months for Ripple. The cryptocurrency has managed to distance itself from other altcoins thanks to growing institutional support from major banks, credit cards and clearing houses. News of major partnerships sent XRP north of $3.30 after New Year’s day. The gains were quickly followed by profit-taking that was followed by a sharp correction in the cryptocurrency market.

The latest drop is largely attributed to fears over pending South Korean regulations governing cryptocurrency. Hacked reported earlier that central authorities were looking to shut down anonymous trading on domestic exchanges, not ban cryptocurrencies entirely.

The initial shockwave was triggered by Justice Minister Park Sang-ki, who announced Thursday that his department was proposing a bill to regulate the crypto market. The Korean government later said it was considering a response to what it believes to be excessive speculation, but had not reached a decision.

Like other cryptocurrencies, Ripple’s record-breaking gains have been largely driven by South Korean trade desks. Of the nearly $2 billion in XRP tokens transacted Monday, roughly 55% were traded using the won, according to CoinMarketCap. Bithumb continues to be the biggest platform for XRP trades, followed by Upbit and HitBTC. Bithumb and Upbit are both based in South Korea.

It hasn’t been entirely negative for Ripple. The company recently announced a partnership with MoneyGram that will provide the remittance firm with instant liquidity. The partnership appears to be a pilot program, with MoneyGram testing XRP payment flows via xRapid, the cryptocurrency’s blockchain solution for real-time liquidity.

XRP has the ability to settle transactions within seconds, thereby enabling faster cross-border flows. Its potential is currently being explored across Asia’s financial district, giving XRP the unofficial distinction of being the banker’s cryptocurrency.

Ripple’s fundamentals as a transaction agent suggest it still has room to grow in a highly diverse cryptocurrency market. There’s also speculation that U.S.-based exchange Coinbase is considering XRP for its platform. The exchange only supports four cryptocurrencies at the moment, including bitcoin, Ethereum, bitcoin cash and Litecoin.

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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