NEM(XEM), Cardano(ADA), Stellar(XLM), & NEO Take a Nosedive

The cryptocurrency market has just dipped below the $200 billion mark, for the first time in six weeks. This market correction has Google (NASDAQ:GOOGL) to blame^[1] because mid-week, the company announced that they would be banning cryptocurrency ICO ads on their platform.

Source: CoinMarketCap^[2]

As you can see from the chart above, the market has lost around $100 billion this week. Many analysts believe that this ban could help stabilize the market, as ICOs have been given a lot of bad light due to a few scams. Governments began scrambling to regulate cryptocurrencies, and ICOs were the first thing they began trying to ban.

All cryptocurrencies on the market are in the red, but some are seeing more losses than others.

NEM (XEM)

NEM is one of the coins seeing the most losses in the top 100 cryptocurrencies today. Early this week, CoinCheck paid back its hack victims, and XEM’s price shot up^[3]. However, it quickly dropped, and XEM’s price has fallen ever since.

As most coins are dropping similarly, it seems just be due to market panic sell-offs across the board.

At press time, XEM is trading at $0.255 a coin, down -19.68%, in 24 hours.

Cardano (ADA)

Cardano just had a long-awaited huge announcement this week; it released its 1.1.0 upgraded software. This is the first release since its main net was released back in late-September.

Cardano is still the 6th largest cryptocurrency by market cap.

At press time, ADA is trading at $0.141 a coin, down -19.83%.

Stellar (XLM)

The team at Stellar has been rather quiet lately, except a partnership has recently come to light. Stellar partnered with Keybase^[4], which will aid its cross-border transactions by making the cryptographic addresses shorter.

At press time, XLM is trading at $0.186 a coin, down -18.56%, in 24 hours.

>> Cashless Society XRP, XLM, & LTC^[5]

NEO

NEO has had a rough week, along with the rest of the cryptocurrencies on the market. It remains the 6th largest cryptocurrency, by market cap. NEO, China’s Ethereum, remains the most popular cryptocurrency in the country and has a strong fanbase.

At press time, NEO is trading for $57.66 a coin, down -15.21%.

Featured Image: Capital^[6]

References

1. ^{^} blame (cryptocurrencynews.com)
2. ^{^} CoinMarketCap (coinmarketcap.com)
3. ^{^} shot up (cryptocurrencynews.com)
4. ^{^} Keybase (cryptoslate.com)
5. ^{^} Cashless Society XRP, XLM, & LTC (cryptocurrencynews.com)
6. ^{^} Capital (www.capital-moments.com)