Stellar (XLM), And Waves (WAVES) Look Strong As Bears Regain Control


Another massive selloff of cryptocurrencies this week has unleashed yet another bear, as most record losses in double digits.

With the bears currently in control of the crypto market, here is a list of how some of the top cryptocurrencies have fared over the last 24 hours as the bears reign supreme:

  • Bitcoin (BTC): -6.99%
  • Ethereum (ETH): -10%
  • XRP: -10%
  • NEO (NEO): -11.24%
  • Litecoin (LTC): -8.55%

The bearish trend has taken its toll on most altcoins, with most of them proving too weak to fight back. As a result, the Bitcoin dominance of the crypto market today reached a high of 49.2%.

Irrespective of the what the damaging effects of the selloff, some cryptocurrencies are beginning to emerge from the dink, looking relatively steady. Among the assets looking strong are Stellar (XLM), and Waves (WAVES).

Market performance of Stellar (XLM)

Stellar was not spared from the ripple effect the crypto selloff brought, XLM plummeted as low as $0.194 on August 8– its lowest value in the last 30 days.

Following the dink, the value of XLM rose by more than 10% to see the coin trade as high as $0.227 yesterday, the 9th of August.

Today opened with another round of decline with more than 90% of the crypto market trading in the red.

Although facing a decline of 2.8% against the USD, XLM remains strong against Bitcoin with a rise of 5.6% against the number one cryptocurrency. Due to the price decline, XLM is currently trading at $0.217.

Daily trade volume of XLM has been on a steady rise over the last couple of days. Over the last 24 hours, the volume of XLM traded is estimated at $104.2 million – the highest volume the coin has recorded in the last 14 days.

XLM’s market capitalization is currently capped at $4.05 billion. This performance makes Stellar the best performing cryptocurrency in the top 10.

Market performance of Waves (WAVES)

WAVES opened this week with zest, however, just like Stellar, it was not spared from the effect the crypto selloff.

From a week high of $1.91, WAVES dropped to as low as $1.64 on August 8. The decline saw the token trade at its lowest value since May 2017.

Following the decline, WAVES recorded some growth to rise above the $1.7 mark. Waves opened for trade today with a trade value of $1.78.

WAVES is trading at a shortfall of 3% against the USD pair. However, due to the huge drop in the value of BTC, WAVES is the stronger one with 4.35% gain.

The volume of WAVES traded over the last 24 hours is estimated at $8.2 million, which amounts to the highest daily trade volume for this week.

WAVES currently holds an estimated market capitalization $174.3 million, which makes it the 44th largest cryptocurrency.

In a nutshell

Waves and Stellar have managed to remain strong in a seemingly drowning crypto market signifying that both coins could be a major part of the next bull run.

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