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Cryptocurrency

Stellar outperforms many Cryptos, yearly gain hits 233%

Stellar XLM has gained huge buying interests from global investors at an unprecedented level.

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Stellar outperforms many Cryptos, yearly gain hits 233%

An unknown crypto, Stellar (XLM), which presently ranks 11th in the hierarchy of the most valuable crypto by market value, has gained huge buying interests from global investors at an unprecedented level.

Such buying interests as seen in recent times are greatly responsible for XLM gaining as much as 233% year-to-date. Its incredible return outmatches major crypto assets in the crypto-verse.

READ: Pigs on a rampage, Bitcoin drops $2,000

  • Popular Crypto aggregator, CoinMarketCap ranked the fast-rising crypto, Stellar lumen (XLM) as the second most-viewed digital asset for the week.
  • This week, $XRP is first followed by $XLM and $AD.

READ: Ripple gains 12%, CTO owns at least a million XRP

READ: Nigeria to negotiate with IOCs over $62 billion demand 

At the time of writing this report, XLM traded at $0.197108 with a daily trading volume of $915,396,826. XLM price is up 0.9% in the last 24 hours. It has a circulating supply of 22 billion coins and a max supply of 50 billion coins.

READ: Ripple is selling 33% of its ownership in MoneyGram

What you must know

  • Stellar is an open platform that permits its users’ funds transferred and stored.
  • It began its operation about 6 years ago, with the major objective to boost financial inclusion globally by reaching the world’s unbanked prevalent in many parts of Africa and minor Asia. It however, updated such objectives by focusing on assisting financial institutions to connect with each other through blockchain technology.
  • Its crypto token is known as the lumens, with the purpose of making it fairly cheap to trade financial assets across borders, with the mission to outplace many existing payment providers, who often charge high fees for such service.

Explore Data on the Nairametrics Research Website

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Cardano drops, but investors remain upbeat

Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.

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The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.

At the time of writing this report, Cardano traded at $1.06, with a daily trading volume of $7.4 billion. Cardano is down 11.76% for the day.

Cardano currently has a circulating supply of 31.9 billion ADA coins and a maximum supply of 45 billion ADA coins.

READ: Cardano suffers biggest drop since March 12, 2020

Amid the recent price drop in play, Cardano has experienced an impressive rally of late, as investors have relatively remained bullish on the fast-rising crypto asset on the bias that many crypto pundits believe it has the most decentralized project, and the most friendly and simple staking seen.

Cardano’s current return on investment stands at about 4837%. ADA coin is the name of Cardano.

Cardano (ADA) has been tipped to do well by many crypto experts on the account that it headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano.

READ: $119 billion valued investment bank, Goldman Sachs starts Bitcoin trading

This means that more developers will see it as an attractive medium for building their desired apps.

Lately, some investors are also of the bias that Cardano could at one point dethrone the world’s utility crypto, Ethereum. Cardano is a type of blockchain that permits people to receive and send funds.

It uses the Cardano blockchain and allows people to design smart contracts just like Ethereum.

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Cryptocurrency

Rich investors are buying Bitcoin amid recent price correction

Data suggests that the Bitcoin Market is transferring Bitcoin wealth from the impatient to the patient.

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94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

Institutional investors are increasing their buying pressure amid recent price corrections prevailing at the world’s most volatile financial market.

Long-term supply decreases as HODLers take profits during bull markets – and increases in re-accumulation phases at cheaper prices.

Very strong on-chain support at $47k – around 500,000 BTC has been moved at that level.

On the bias that there is a large increase in Bitcoin illiquid supply, strong holders are ramping up their positions despite the sell-off.

READ: Why Bitcoin could be worth $1,000,000

Bitcoin is holding up against the macro spectacularly well.

Such data suggest that the Bitcoin Market is transferring Bitcoin wealth from the impatient to the patient.

Data from Glassnode, recently revealed there was a 2% plunge in the number of flagship crypto held on Crypto exchanges between February 23 and March 2. This is equivalent to about 52,900 Bitcoins.

Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them are; Anthony Scaramucci’s Skybridge Capital, Mass Mutual, and Guggenheim (up to 10% of its $5 billion macro funds).

Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto is attracting significant buying pressure.

Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.

bitcoin train
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