Stellar and Cardano have been continuing its upward trend in the market despite the majority of the crypto market turning red.
Many have been wallowing in happiness because Bitcoin, the crypto don, has surpassed the $6000 breaking point that it maintained for some time, and now lying in $7000 price range following the bullishness that arrived late. However, today’s look of the market has been red as most coins are pulling down in value. But still, giants like Stellar and Cardano have remained resistant to the new market bearishness.
For so long, many have been of the opinion that coins in the market follow the trend of Bitcoin dogmatically. They say that when Bitcoin rises, others follow while the downfall of the trailblazer means a plunge in the price of others.
Following the trend of Bitcoin, the likes of Ethereum, Ripple, Bitcoin Cash and others have been falling heavily in the market amid the recent bearishness.
Stellar in the market
Proving adamant with the highest resistance power in the market, Stellar, according to Coinranking, in the last 24hrs has added 10.02% to its value as at the press time. Stellar is at the moment priced at $0.3136.
While its contemporaries in the table are dripping with a value between 3 and 4 percent, the altcoin is on the rise with green. Since Yesterday, Stellar has been taunting moves for greater height with the value it is amassing in the market.
The altcoin which was formerly ranked 7th, took to the 6th position, after debasing Litecoin to the 7th position.
Though Litecoin has for long been viewed and ranked among the strongest Cryptocurrency in the world, Stellar took no chance in overtaking Litecoin on the table with its Market cap.
After the shift in the market table position, many observers linked the rapid growth of the altcoin to its recent achievement where it was crowned the first distributed ledger protocol to become a Sharia-compliant digital currency after receiving a certificate for Payments and Asset Tokenization from the Shariyah Review Board (SRB).
Similarly, a stable coin dependent on Stellar recently announced a partnership with the International Business Machines Corp (IBM).
Cardano [ADA] in the market
Amongst the big ten, the second coin that is resistant to the fresh market fall is Cardano (ADA). The altcoin, in the market today has proven to be strong by adding 4.31% to its value after starting the last 24hrs with a $0.1766 price and now maintain 0.1850 value against Dollar, according to Coinranking price index value.
The total market cap of the altcoin as at the time of writing this article is $4.8billion while its 24hrs trade volume remains 324.43 million.
Conclusively, as the two altcoins continue to maintain this trend, analyst are watching closely to see what they will be up to in the nearest days.