It’s a rather slow day in the cryptocurrency market, as Stellar (XLM), Monero (XMR), and Bitcoin Cash (BCH) continue to lead the market in percentage gains. There isn’t any big news breaking this morning, but is that a bad thing? Not necessarily. FUD has been plaguing the market for months and has caused major panic selling among the new cryptocurrency investors. It seems lately the market has begun to stabilize a bit, which is a positive step towards mass adoption.
Let’s take a closer look at why these three coins are leading the market mid-week.
Congrats to our anchor partner @NovattiPayments on completion of Stellar integration! Look forward to seeing transaction commencement in the coming month. #Stellar #futureofpayments https://t.co/5DZsBENtjy
— Ella Qiang (@ellaqiang9) April 17, 2018
The 6th Stellar Build Challange (SBC) has just concluded. The Stellar team announced that since beginning the challenge, there has been a lot more interest in the network and the talent this last round was greater than its ever been. This time, they’ve decided to award five times the prize pool of the previous 550,000 XLM first promised. The Stellar team will distribute 2.7 million XLM, in an effort to make up for the fact that they struggled to keep up with the high-quality entries that were submitted. SBC 7 will provide developers clear details on how the team plans to improve. The stellar team is committed to:
- More transparency on choice making
- Better communication throughout the competition
- More emphasis on the projects that further Stellar’s long-term success
324 submissions were sent in for SBC 6, and 113 of these will receive some sort of cut from the prize pool. The overall winners, shown below, will receive 200,000 XLM each.
- Soneso Stellar iOS SDK
- Documentation & Refractor of Stella’s Python SDK
Other Finalists include:
- Lumenbox & Domain Key Identified Federation
- Open Garden
- Alfred, a user-friendly command line wallet manager
At press time, XLM is leading the top 70 cryptocurrencies for most gains trading at $0.3346 a coin, up 10.76%.
There isn’t any big news regarding any foundational upgrades to the Monero network lately, however it is the project’s fourth anniversary today.
Happy 4 year anniversary, Monero! pic.twitter.com/saKhWU6fXr
— Riccardo Spagni (@fluffypony) April 18, 2018
This could be the very reason why the coin has shot up today, as weird as that may sound.
Verge (XVG), Monero’s competitor, announced a big partnership with PornHub yesterday, but today, the coin has plummeted.
This could also be the reason for XMR’s current rise, as many Verge enthusiasts might have taken their profits and jumped ship after the news of the partnership broke.
At press time, XMR is trading at $223.99 a coin, up 11.62%, in 24 hours.
Bitcoin Cash (BCH)
It remains completely unknown as to why Bitcoin Cash is surging on the market today. Bitcoin Cash is just behind Stellar and Monero for gains and is continuing its climb. It is currently the 4th largest cryptocurrency by market cap and is eyeing that $1,000 threshold.
At press time, BCH is trading at $865.81 a coin, up 11.34%, in 24 hours.
Featured Image: TheMerkle