Cryptocurrency
Stellar under pressure as investors buying spree cool off
Stellar was trading at $0.390325 on the FTX exchange with a daily trading volume of about a billion dollars.
Stellar(XLM) has of late experienced a significant amount of selling pressure after hitting highs of $0.61 last month.
Crypto pundits argue that the fast-rising crypto faces more road bumps on the perspective showing the bears seem to have taken over after bulls failed to break resistance at $0.4000 over some days ago.
Stellar is an open platform that permits its users’ funds transferred and stored.
A press time, the thirteenth most valuable crypto was trading at $0.390325 on the FTX exchange with a daily trading volume of about a billion dollars. Stellar is down 1.55% for the day.
READ: Stellar outperforms many Cryptos, yearly gain hits 233%
It began its operation about 6 years ago, with the major objective to boost financial inclusion globally by reaching the world’s unbanked prevalence 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.
READ: Panic in crypto market as over $140 billion got wiped off
Such buying interests as seen in recent times are greatly responsible for XLM gaining as much as 13070.54% since inception. Its incredible return outmatches major crypto assets in the crypto-verse.
What to expect: That being said, market watchers anticipate the bulls might rise once again if XLM breaks above the $0.3700 and breach the $0.39 price level
Cryptocurrency
Nigerian stocks that outperformed Bitcoin, Ethereum and Cardano in April
According to data tracked on the NSE, the shares of Japaul Gold and Ventures Plc, Meyer Plc and University Press Plc delivered better returns than Bitcoin, Cardano, Ethereum.
The recent crypto-mania has presented investors who are nervous about the stock market with key opportunities to capitalize on, through alternative investments in cryptocurrencies.
The attendant effect of this led to the move which saw the total market capitalization of Bitcoin, Ethereum, Litecoin, XRP and other crypto assets surge above the $400 billion mark in Q4 2020 to more than $2 trillion in recent times – the total market capitalization of all cryptocurrencies are valued at about $1.74 trillion as of the time of drafting this report.
Despite the gains Bitcoin, Ethereum and Cardano delivered to their holders, the market performance of these digital assets since the beginning of April has been comparatively unimpressive. Of the three cryptocurrencies, only Ethereum maintains month to date gains in excess of 15%, while the month to date losses in others stand in excess of 12%.
READ: Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day
The performance of these digital assets so far in April
Data tracked on Binance, a cryptocurrency exchange that provides a platform for trading various cryptocurrencies revealed that Ethereum’s month to date gains in the month of April is put at about 15% while the month-to-date loss of Bitcoin and Cardano is put at about 16% and 12% respectively.
Stocks on NSE delivered decent returns in the month of April, outperforming some cryptos. Some stocks on the Nigerian Stock Exchange have delivered impressive returns for their holders in the month of April, despite the recent lacklustre state of key shares listed on the exchange.
According to data tracked on the Nigerian Stock Exchange, the shares of the following companies have delivered better returns than Bitcoin, Cardano, Ethereum and some other cryptocurrencies so far in this month.
READ: America’s oldest bank set to accept Bitcoin
Japaul Gold and Ventures Plc
(JAPAULGOLD), MtD gains: 46.83%
The rebranded and restructured mining company with a key focus on gold and other solid minerals exploration is the best-performing stock on NSE this month with a month to date gain of about 46.83%.
Despite the fact that the stock is currently trading slightly below its open price of N0.62 per share for the year, it has risen from a YTD low of N0.41 to the current N0.60 per share price in recent times. Thus returning a gain of 46.8% for its holders.
Meyer Plc (MEYER)
MtD gains: 29.16%
The shares of the key player in the paint and decorative industry increased from N0.41 per share at the open of trade this month, to N0.53 per share as of the open of market this morning, to print a month to date gain of 29.16%.
The stock of the paint manufacturer is presently trading about 6% higher than its open price of N0.50 per share for the month of April.
READ: Bitcoin investment tips for 2021
University Press Plc (UPL)
MtD gains: 19.77%
The shares of one of Nigeria’s foremost publishers of educational and general reading materials, University Press Plc have increased from N1.07 per share at the close of trade on the 31st of March, to N1.28 per share at the open of trade on the Nigerian Stock Exchange today.
The recent surge in the shares of the company was triggered by buying interest on the floor of the exchange and this renewed interest in the shares of the publisher has seen its shares return an impressive 19.77% month to date gains to investors since the start of this month.
What you should know
- The Nigerian Stock Exchange All-share Index “NGX ASI” is on course to deliver its first weekly gains after weeks of consistent depreciation in the market index and capitalization.
- This decent performance can be linked to the renewed buying interest in the shares of some key companies with impressive fundamentals as Q1 2021 financial results start to trickle in.
Cryptocurrency
Billions of dollars lost in Crypto market, as over 500,000 investors get wrecked
The crypto market suffered heavy losses in the early hours of Friday with many traders liquidated as the flagship crypto dipped below the $50,000 price levels.
The crypto market suffered heavy losses in the early hours of Friday with many traders liquidated as the flagship crypto dipped below the $50,000 price levels.
In the cryptoverse hundreds of billions of dollars were virtually wiped off in value as the global crypto market lost about $300 billion, trading at $1.77 trillion, a 12.29% decrease over the last day.
As traders panicked, the world’s most popular crypto rout deepened, dropping below the $50,000 level to $48,400, its lowest levels in about seven weeks. Ethereum, the leading altcoin plunged as much as 10% before steadying at about 7% to trade at $2,240.65 on the FTX exchange.
READ: Crypto Armageddon: Over $200 billion wiped off in the Crypto market
For the day about 582,578 crypto investors were liquidated. The largest single liquidation order happened on Huobi-BTC valued at $11.28 million.
For Bitcoin, this is the biggest percentage loss since early January.
The spiral fall in play at the flagship crypto market pushed its market value below $1 trillion or 51.45% of the total cryptocurrency market value. At its highest, Bitcoin’s market cap was $1,184 trillion.
Amid the recent price correction, crypto pundits argue that the ever-changing crypto market was still in a long-term bull market, though in the near term, a market correction was long overdue since the market is over-heated among retail investors.
READ: Why Bitcoin might likely hit $100,000 soon
Other Crypto assets were also experiencing sharp sells with XRP, Polkadot, Cardano, BNB, EOS all suffering significant losses.
Tax concerns may be weighing hard on the crypto- verse with reports showing U.S. investors in the Crypto market already face a capital gains tax if they sell the Crypto after holding it for more than a year.
It’s fair to note that the crypto market is very volatile and some crypto experts are pointing out that it could be in a bubble considering that Bitcoin and Ethereum have recorded gains of over 700% respectively within a very short span.
