3 billion USD vanished from cryptomarket due to poor performance of dominant cryptocurrencies

3 billion USD vanished from cryptomarket due to poor performance of dominant cryptocurrencies
Nov 14, 2018 by Rico Wise

Interestingly, both XLM and ADA are accompanying ZEC in the process of integration into the services of the San Francisco-based cryptoexchange, Coinbase.

Before the BAT and ZRX currencies were listed on the #4 biggest cryptoexchange, both assets registered 100-200% price increase. On the other hand, after the tokens were enlisted, they both suffered a huge drop in value. BAT, specifically, has recorded over 36% decline. Despite the fact that enlisting the currency on Coinbase confirms that the digital asset does not fall under the definition of a security in accordance with current policies, it seems to be negatively impacting the short-term value of the freshly enlisted currency.

XLM, ADA, and ZEC tokens already went through solid price surges subsequent to the news of Coinbase becoming interested in listing the said digital assets earlier in May, and financiers probably expect a price decrease to follow in the upcoming weeks, particularly in the event that Coinbase insists to enlist the said currencies. On Monday, XLM currency was reported to have gained over 27% subsequent to BAT’s integration performed on Nov 2.

Nevertheless, since that moment, XLM value has decreased by approximately 10% and counting, all due to insufficient momentum seen with Bitcoin. According to the opinion of The Crypto Dog, who is a high-profile tech analyst and cryptotrader, different tech indicators display insufficient momentum for both the world’s dominant digital currency and the remainder of the cryptomarket.

Because of the stability Bitcoin has been displaying over the past 90 days from Aug 9, it became plausible that the currency has finally bottomed out, although the volatility of the cryptoexchange marketplace can potentially cause the market to engage in another declining trend.