Bitcoin, Ethereum, and Ripple drop lower, but Stellar rockets on Coinbase hopes

It has been a reasonably disappointing weekend of trade for the crypto market with declines being seen across the board.

This has reduced the value of the entire market by around 1.8% to US$211.8 billion according to Coin Market Cap.

What happened?

With little by way of news to guide prices, traders have been relying on technical analysis over the past few days. And with many coins trading close to resistance levels, prices have been coming under pressure as sellers outweigh the buyers.

While that was the case for Bitcoin and Ethereum, the same cannot be said for Stellar and Cardano.

These two alt coins have defied the market declines and have been storming higher over the last few days.

In fact, Stellar has risen so much it has now jumped into the top five largest coins at the expense of EOS. It has risen over 26% since this time last month after being touted as a possible new addition to the popular Coinbase exchange along with Cardano.

Traders appear to be betting that being added to the Coinbase exchange will lead to greater demand and drive prices higher.

For now, though, here is how Stellar and the rest of the group are performing compared to 24 hours ago:

The Bitcoin (BTC) price has fallen 0.6% to US$6,381.83 per coin. This decline leaves the world’s largest cryptocurrency with a market capitalisation of US$110.9 billion.

The Ethereum (ETH) price has dropped 1.1% to US$210.70 per token, reducing Ethereum’s market capitalisation to US$21.7 billion.

The Ripple (XRP) price is down 1.2% to 50.35 U.S. cents. This latest decline has reduced the XRP market capitalisation to US$20.25 billion.

The Bitcoin Cash (BCH) price has plunged 4.9% to US$530.12 per token. This has left the Bitcoin offshoot with a market capitalisation of US$9.25 billion ahead of its hard fork.

The Stellar (XLM) price has jumped into the top five with a 5.3% gain to 27.21 U.S. cents per token. This has lifted XLM’s market capitalisation to US$5.15 billion.

Outside the top five things were very similar. The EOS (EOS) price is down 1.95%, Litecoin. (LTC) is off 2.7%, Monero (XMR) has fallen 2%, and Tether (USDT) is down 0.2%. Cardano (ADA) was the exception with a 0.9% gain.

While things look good for Stellar right now, I still expect this star to outperform over the long-term.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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