Crypto Market Snapshot - July 18, 2018
Today, the cryptocurrency market cooled off after yesterday’s price surges. Most of the top 10 coins saw corrections and dropped between 1 and 4 percent. Ethereum, for example, managed to stay above $500 for about ten hours before dipping to its current $478 price tag. Among the top 10, Stellar Lumens (XLM) was a major outlier, as it continued its impressive rally and grew by almost 18.8% in the last 24 hours. With its current market capitalization of $5.5 billion, it overtook Litecoin ($4.9 billion) to take the sixth spot in the cryptocurrency market cap rankings.
Cardano (ADA) also came through for its holders, and grew by 7%. Both XLM and ADA were mentioned by Coinbase as cryptocurrencies they are exploring as possible additions to their platform, and we know from past experience that many traders like jumping on Coinbase-related speculation.
Bitcoin trading activity was actually quite dynamic, but the price eventually returned to a level similar to where it was 24 hours ago, as BTC’s 24-hour change is currently +0.5%. Bitcoin reached a peak of $7,500 for a very brief period of time, but was met with a rejection that took the price down to a daily low of about $7,300. Since other high market cap coins dipped slightly, BTC dominance increased further and is currently standing at 43.3%.
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XLM’s rally is particularly interesting because the token has seen larger gains than today’s best performing smaller market cap coins, where the volatility is usually much more pronounced. In the top 100, XLM was only outdone by Ardor (ARDR) – the token is up by 32% thanks to today’s listing on Binance. Dogecoin (DOGE) continued to ride the momentum from being added to Robinhood, and came in third with a 10.7% increase.
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