Crypto

News and Analysis crypto: Elrond, Stellar, Velo

04/06/2023
Bitcoin Ethereum News

Is there any important news to highlight? Were there any noteworthy price movements?

Let’s see it together below

The latest news for the crypto assets Elrond (EGLD), Stellar (XLM) and Velo (VELO)

Let’s start with the assumption that we are dealing with three projects and three tokens that are quite different, but with one factor that unites them.

All 3 in fact aim to simplify, in more or less complex ways, crypto money transfers in a simple, secure and fast way.

It is not news that so-called “fast blockchains” with high transaction processing capacity are a beloved category among crypto enthusiasts.

Indeed, many users cannot afford the fee costs present in Bitcoin or Ethereum blockchains and prefer to have less robust but more efficient infrastructure in terms of speed and execution costs.

Elrond, now known as MultiversX recently announced that a debit card is coming that can be used by users holding funds on the xPortal wallet and mobile payment application.

This is a product developed by xMoney, in which the goal is to simplify the user experience when spending cryptocurrencies: in fact, it will be possible to spend crypto and fiat from the same card and process cross-chain payments, all with low fees and high execution speed

As for Stellar, a decentralized peer-to-peer (P2P) network launched in 2014, an announcement has been made that USDC will be integrated within the blockchain through the participation of the Coinme wallet.

This integration will initially be available only in the United States, where users will be able to rely on the availability of the second stablecoin by reputation and market capitalization, within their P2P exchange ecosystem.

We recall that the likes of Circle and Coinbase are behind USDC. In addition, the stablecoin is 100% backed by US dollars and US Treasury bonds.

 

“The combination of Coinme’s immense cash network, USDC and the Stellar network is a disruptive force for the cash remittance and payments market.”

– Neil Bergquist, CEO and co-founder of Coinme.

As for Velo, the latest news doesn’t cover anything particularly interesting except that, according to the community, imbalances occurred last night within the Bitget and Huobi order books. The situation, however, seems to have returned to normal

Price analysis for the crypto assets Elrond (EGLD), Stellar (XLM) and Velo (VELO)

Regarding the price analysis for crypto assets Elrond (EGLD), Stellar (XLM) and Velo (VELO), it is worthwhile to first rank the 3 coins according to their rankings on CoinMarketCap.

Indeed, the first two are high market capitalization crypto assets, while Velo is a “low cap” crypto, hence more prone to volatility and systemic risks.

Analyzing EGLD’s prices, there has been a positive change of 1.4% and volumes of about $20 million in the past 24 hours. The current price at the time of writing is $41.60.

We are currently in a support zone that, if breached, would take us straight to the $40 area. The price zone where EGLD is currently located has already been tested 2 other times between yesterday and today, just as the $40 support was already tested on 3 April.

Bear in mind that the more times a resistance or support is attacked, the higher the probability of a breakout (both upward and downward).

Obviously this kind of situation has more validity on large time frames rather than on short periods.

elrond, stellar, velo crypto

As for XLM, the current price is $0.1052 per token, with a daily decrease of 3.43%. Market volumes amounted to about $60 million in the last 24 hours.

It is interesting to note that in the last month, XLM has performed really well, going from $0.083 per token to its current price: this is a price increase of more than 25%, which is very significant for a crypto that capitalizes $2.8 billion.

Another factor to note is that usually XLM makes large movements in parallel with XRP, this is because both are long-standing cryptocurrencies, born around the same time, and with common affinities.

Finally regarding the crypto VELO, today prices are struggling with a 13% drop in the last 24 hours.

The token’s current value is $0.0067, volumes in the last 24 hours of $14.28 million, and market capitalization hovering around $33.5 million.

Two things stand out most about VELO prices.

The first concerns the percentage of tokens in circulation compared to the set cap: in fact, currently only 17% of tokens have been released. This means that the fully diluted market capitalization is at $200 million.

To give an idea, projects of the caliber of Bora or Helium capitalize roughly that amount.

elrond, stellar, velo crypto

The second interesting thing to note is that the price is virtually crushed when compared to the all-time high recorded in November 2020. This is a 99% drawdown. Nothing is impossible in life but this token is unlikely to return to those price levels.

Interesting fact: why is the VELO token on Bitget called VELO1?

After analyzing the news and prices of the crypto assets Elron (EGLD), Stellar (XLM) and Velo(VELO), let’s look at this interesting fact.

The VELO token is listed on numerous exchanges such as Kucoin, Bitfinex, Hubi, Okex, Bithumb, Gate.io and Bitget.

Precisely on the latter the token ticker is not VELO, as represented on the other exchanges, but VELO1.

The reason? The answer is actually quite simple.

On the Bitget cryptocurrency exchange there is already a token called VELO, namely the one from the “Velodrome Finance” project, an automated market maker built on Optimism, nothing to do with the VELO1 crypto from the Velo project, a financial protocol that enables the issuance of digital credits and assets between companies, built on BNB Chain and Stellar.

The Bitget team simply decided to call the token VELO1 so as not to confuse traders on the platform.

 

Source: https://en.cryptonomist.ch/2023/04/06/news-analysis-crypto-elrond-stellar-velo/