31 Jan Tron (TRX), Cardano (ADA), and Stellar (XLM) Down
The top 14 cryptocurrencies on the market are all seeing red today, hitting double-digit percentage losses. Only ten digital tokens within the top 100 are seeing gains today. Correction is inevitable but the reason for the slight drop today remains unclear at this time.
Tron has been one of the altcoins that has been heavy in the media for both praise and scrutiny over the past few weeks. It took a monumental leap the first week of January but has yet to recover. Last week, it was announced that the first “beta” launch of Tron’s network will be launched at the end of March. Many TRX enthusiasts have been highly anticipating this news but its price has yet to spike. On Sunday, game.com re-launched Tron Dogs in English, which was the reason why many users bought TRX (Tron Dogs is a crypto kitty-like game). Back in the beginning of December, Ethereum didn’t see any sort of price increase resulting from the cryptokitties game, which was built on the Ethereum blockchain and completely blew up in popularity. It remains unknown as to why TRX’s price remains stagnant. Is the “FOMO” over? However, TRX’s price is still up 5000% for the year. I wouldn’t count out the altcoin just yet, based primarily on the underlying project it seeks to launch.
Currently, TRX is selling at $0.05 a coin, down -13.69%, in 24 hours.
There has yet to be big news as to why Cardano is down today. However, for the year ADA is up over 2600%. It seems across the board most major cryptocurrencies are down, even the most promising ones.
Cardano was founded by the former CEO of Ethereum, Charles Hoskinson. It has been slowly climbing the charts and is currently the fifth largest by total market cap. While Cardano is very similar to Ethereum, in a sense that it allows for decentralized applications to be built on top of it, it has resounding differences. While it is in its early stages of development, the roadmap for the project is clearly defined with a timeline for everyone to see. You are able to see what is being done by what developers and the progress that has been made in each individual step. The project is based on rigorous academic research, as well as peer-to-peer collaboration and research. The project has a long way to go but if you invest in it, you’ll have a clear understanding of where the team is at with the project.
Currently, ADA is selling for $0.53 a coin, down -14.96%, in 24 hours.
Stellar is the currently the coin with the biggest losses today within this group. However, the project is set to have a monumental year. In just a year, the coin has grown almost 24,000%. The project is similar to that of Ripple, as its founder once worked on Ripple, but they have different target audiences. Ripple’s team focuses primarily on large corporations, while Stellar can almost be adapted to just about everyone else wanting to make quick and cheap money transfers globally. IBM (NYSE:IBM) just recently started implementing the development of a project utilizing Stellar’s network.
If this project can continue to grasp mainstream attention and more interests within large corporations, this could be another great year for Stellar.
Currently, the coin is selling for $0.47 a coin, down -18.9% in 24 hours.
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