Cryptocurrency markets have been under pressure since the start of this year, and altcoins are among the prominent losers, due to their significant dependence on Asian markets. Last week, Altcoins hit the lowest levels in the last four months after Japanese and South Korean regulators clamped down on crypto exchanges.
Ethereum (ETH), which is the largest altcoin, trades around $400 level at present – down $1000 from its all-time high of $1,400 it hit at the beginning of this year. Ripple(XRP) has also hit the four-month low on Sunday before paring losses on Monday and extend the uptrend on Tuesday. Ripple currently trades around $0.53, up 7% in the past 24 hours.
Binance, Cardano, and Stellar Leading Gains
Binance Coin (BNB) is among the biggest gainers in the altcoin’s space. Despite a huge selloff in crypto markets, BNB coin posted gains of 15% in the last seven days. Although Binance faces criminal investigations in Japan, the price of BNB coin has been on strong momentum in the previous two weeks. BNB coin currently trades around $13, sharply higher from this year low of $6 it hit at the beginning of February.[1]
Source Image: coinmarketcap.com[2]
Japanese Financial Service Agency announced that they wouldn’t allow any exchange to work in their country unless the exchange holds registration certificate from them. Binance has been facing criminal investigation in Japan due to its failure to fulfill FDA requirements.[3]
Trader’s sentiments, however, boosted on Binance coin price after the announcement of its partnership with Qlink – the largest decentralized mobile network plans to work with Binance to incorporate the BNB coin into the Qlink dApp. [4]
Stellar (XLM) and Cardano (ADA) are also paring losses. Both coins posted gains in the last seven days despite huge sideways movements and the robust selloff in crypto markets. Stellar is up more than 6% in the last seven days, while Cardano jumped slightly by 2%.
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References
- ^ altcoin’s space (cryptocurrencynews.com)
- ^ coinmarketcap.com (screenshots.firefox.com)
- ^ announced (www.rt.com)
- ^ announcement (www.cryptoninjas.net)
- ^ Twitter (twitter.com)
