Equity-like gains for Stellar and Cardano
It’s unusual for the top 10 cryptocurrency prices to move independently of their de-facto leader bitcoin, but that’s what we have this morning as the asset class begins to act a little more like equity markets.
In equity markets, the higher-cap stocks have an influence on overall sentiment, but the share prices of companies with important news to share often move contrary to the broader market.
Among the top 10 cryptos on Thursday, eight were lower as bitcoin fell, but two achieved sizeable gains thanks to their inclusion on an influential exchange and to ongoing project successes.
Stellar’s lumen currency rose for a seventh-straight session and has gained around 67% during that time, thanks to a string of positive newsflow.
Apart from the aforementioned inclusion onto San Francisco-based exchange Coinbase it has also been adopted by Hong Kong exchange KuCoin. Stellar has also announced its inclusion in a number of blockchain projects – including running new stablecoin Stronghold on its network.
Cardano has also benefited from its potential inclusion on Coinbase, and was on Tuesday the subject of an eToro report.
The social trading and investment website’s senior market analyst Mati Greenspan said Cardano would be a major player in the third-generation of blockchain technology.
“Cardano is developing a smart contract platform and leading the charge in what some are calling ‘Blockchain 3.0’. With a more scalable and flexible network than some of the older projects like Bitcoin and Ethereum,” he said.
Price round up
So, on Thursday, although an unusual sight, both the Stellar’s lumen and Cardano’s ada token were bucking the downward market trend.
Here’s a round-up of the price action as of 11am in London:
- Bitcoin was down 0.2% at $7,395
- Ethereum fell 4.3% to $478.83
- Ripple lost 5.3% to $0.49
- Bitcoin cash shed 4.6% to $824.74
- Eos slipped 2.8% to $8.64
- Stellar lumens jumped 9.5% to $0.32
- Litecoin lost 4.5% to $87.72
- Cardano climbed 5.5% to $0.19
- Iota slid 4.6% to $1.08
- Tether was flat at $1