Altcoins that have created new lows
Today’s (December 17, 2019) analysis will cover altcoins that have created new all-time lows or new 2019 lows. Some of the altcoins that have generated new lows are leaders in the cryptocurrency market.
Stellar Lumens (XLM)
Stellar has easily been one of the worst-performing instruments since the cryptocurrency bear market began nearly two years ago. Before yesterday’s crash, Stellar had spent eleven weeks since it last made a new all-time low. There were even some signs that a recovery was about to occur, but this has not happened. Instead, we’ve seen Stellar drop down lower to tag a new all-time low of $0.0434. Stellar is down -95.87% since the all-time high in 2018 and down -62.50% from the January 2019 open.
The third most valuable cryptocurrency by market cap has also generated new all-time lows. XRP was one of the stalwart cryptocurrencies that did not produce consistent new lower lows. When Ripple dropped down to 0.24525in August of 2018, that low held for over a year. A new low was breached in August of 2019, again in September 2019, again in November 2019 and once again in December 2019. There is no evidence of any support coming for XRP. Ripple may be more prone to some more sell-offs than other cryptocurrencies because of its massive cult-like fan base. Because Ripple has attracted such an enormous following based almost entirely on emotional factors, any move that would trigger capitulation on XRPs hodlers would be exacerbated because of its fanbase. Ripple is down -47.23% from the January 2019 open and down -94.82% from its all-time high.
Ethereum (ETH) is a cryptocurrency that you think would perform at least on par with Bitcoin (BTC). It hasn’t. While Bitcoin has suffered some majors drops since the June 2019 high, it has also maintained net gains throughout 2019. While Bitcoin remains up +80%, Ethereum has just crossed into a net negative for 2019, falling below the January 2019 open of 130.66. And from the look of the chart, Ethereum looks like it will continue to drop towards $50 value area and trade even below that level. Ethereum is down -6.44% from the January 2019 open and remains down -91.38% from the all-time high.
Cardano’s (ADA) testnet went live last night, and I’ve got an active stake going. This is a massive deal in the cryptocurrency space – a big deal for decentralized cryptocurrencies. Hell, Cardano has more staking pools than EOS and Tron combined – and it’s a testnet! So while this is an extremely bullish event and positive for Cardano, there has not been any follow-through buying. Cardano has continued to sell off lower. Cardano followed the rest of the crypto market by crashing yesterday (December 17th, 2019) and is continuing its route as I am working on this article. New 2019 lows have been generated for Cardano. Cardano is currently trading down -20.63% from the January 2019 open and down -97.72% from its all-time high. Cardano could push lower towards the 0.02 and 0.01 value areas by creating new all-time lows if this market continues to bleed off lower into 2020.