Market Analysis

Stellar Lumens [XLM]: Cryptocurrency struggles to climb up after grizzly massacre by the bears

from Amb Crypto 5 years ago 0 0 667

The markets are crumbling suddenly after the ground below the cryptocurrencies disappeared on October 29, causing the top-10 coins to fall massively.

Stellar Lumens [XLM] in particular was at $0.2322 on October 29, before it started spiraling at 5:30 UTC and fell to $0.2256, breaking its support set at $0.2305. To make matters worse, the price dropped as low as $0.2235.

At press time, the 24-hour change was covered in red and was down by 4.50%, while the 1-hour percentage change remained steady at 0.1%.

The seven-day change is on the negative part of the spectrum, at a whopping 4.48%. The price on October 23 was at $0.2457 and dropped to a staggering $0.2235. The market cap reduced from $4.6 billion to $4.2 billion, i.e., a massive $400 million reduction and the price has now climbed back to $0.2256.

Almost all other coins shared the same fate, Bitcoin experienced a 2.08% decrease in the one-day range, with Ethereum, the second-most famous cryptocurrency, fell by 3.45%, XRP fell by 3.10%, and Bitcoin Cash [BCH] fell by 4.86%.

The market has been consolidating ever since the slump of Bitcoin and all altcoins have suffered the same fate. This is by far the most action we’ve seen in the bear dominant sideways market in quite some time.