CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.
A few of the top 15 cryptocurrencies saw notable increases over the past twenty-four hours. Stellar saw a gain of 15% against the US dollar, with 22% of its volume being against USD or USD-pegged cryptocurrencies themselves – meaning these gains are realistic, not just figurative. Litecoin gained over 13% against the dollar while Monero jumped nearly 16%, and Zcash was hot on its heels.
Stellar (XLM) is up 15% against the dollar, with a 3% gain in Bitcoin valuation, over the last 24 hours. The cryptocurrency saw a 24-hour volume of almost $100 million in trading, with a gain in overall market capitalization roughly equal to that.
According to CoinMarketCap, trading against USDT accounted for roughly almost 22% across twelve markets. Notably, the most trading in a single pair happened at an exchange outside of Binance — namely, Exrates, — although overall trading did have a plurality at Binance with 18% between XLM/BTC and XLM/USDT.
Trading on Litecoin seems to have begun to pick up around 22:00 CST last night, with an initial sell-off worth about 20,000 Satoshis per token happening for the next couple of hours. A simultaneous price-rise in Bitcoin actually meant the market capitalization of the cryptocurrency rose during this same period. Then, around 1:45 AM CST, demand seems to have to picked up and the price was on the rise yet again.
As you can see in the chart above, Litecoin only recovered about half its BTC value in the rebound trading, but in terms of USD it saw a significant increase. Overall volume was about $500 million over the entire 24 hour period, with more than $150 million of that having been done against USDT. Trading against PAX and USDC combined was less than $100,000.
Privacy coin Monero, which has a small infinite inflation and a current supply of about 16.6 million, gained roughly $8 in US dollars over the 24-hour period, with $20 million traded across all exchanges and pairs.
The vast majority of Monero trading – 94% – took place on Korea’s Bithumb against the Korean Won. XMR/KRW was the was the second most active market on the exchange over 24 hours, during which period it traded nearly $2 billion overall.
The Zcash (ZEC) chart is perhaps the most interesting of the bunch, with a 24-hour simultaneous rise in both market capitalization and USD price, but a drop in actual BTC-per-token valuation.
The price wound up around $11 higher than it was 24 hours previous to 8:00 AM CST, gaining around $64 million in overall market capitalization, with more than 30% of its trading happening in the Ether market at an exchange called Lbank, and another 8% of the total volume happening at the same exchange against BTC. Another 22% of the volume happened at the same exchange as the most Monero trading, Bithumb, also against KRW. Thus a total of 60% of the ZEC volume happened in three currencies on two markets.
USDT trading of ZEC accounted for just over $20 million of the total $198 million volume, with the majority of that also happening at Lbank – that single pair making up nearly 5% of the overall volume. Collectively, Lbank accounted for $118 million of the 24-hour volume on ZEC.
Featured Image from Shutterstock. Charts from TradingView.
Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Author: P. H. Madore