Cardano (ADA) and Stellar (XLM), the 11th and 12th top cryptocurrencies by market cap respectively, have taken quite a beating in the past week.
The weekly charts for both crypto assets show that they have both declined significantly and are a long way away from their year-to-date high of $0.097 and $0.144 respectively. Let’s take a quick look at each.
ADA’s Price Has Declined During the Past Week
According to CoinMarketCap, ADA is currently valued at $0.077463 which is 2.40% decrement in price within the past 24 hours. A perfect picture of what an unimpressive performance that is, can be gotten from looking at the virtual asset’s price movement in the past week.
On Sunday, June 30, 2019, exactly a week ago, ADA opened at $0.090486 but dumped to $0.082098 at the close of the day. While that may have been like any other day in the crypto market, there was a repeat of the unremarkable performance the next day.
That is to say, ADA traded sideways on Monday, July 1, 2019, given that it was priced between $0.080504 and $0.085895 with neither a significant dump or spike in price or the bulls or bear taking control of the market. The virtual asset also failed to take a leap to retest the $0.09 range which it had traded for about 19 days between June and July 2019.
ADA Has Mostly Traded Between $0.076 and $0.077 for the Past 3 Days
On Tuesday, July 2, 2019, the same steady price movement was maintained even though this time around, ADA traded as low as $0.076777. Its high for the said date was $0.084598 after opening at $0.083800. It’s however worthy to note that the asset maintained the $0.08 price range until Thursday, July 4, 2019, before it declined to $0.075 – $0.077, a range it has mostly been trading in for the past three days.
What’s also evident in ADA’s performance in the past week, is that its daily trading volume and market cap has dwindled tremendously. As of June 30, 2019, the daily trading volume was around $161 million with a market cap of $2.1 billion. However, as at press time, the crypto asset has a daily trading volume of about $100 million and a market cap of $2 billion.
XLM Also Dips In the First Week of July
Asides from ADA, XLM has also shown an unremarkable performance during the course of the week. XLM is currently priced at $0.103236 with a 0.45% decrement in price within the past 24 hours.
The crypto asset opened at a price of $0.115131 on Monday, June 30, 2019, but closed at $0.104345. Like ADA, it did not trade higher the next day, July 1, 2019, since its highest for the said date is $0.108755. Between Tuesday, July 2, 2019, and Saturday, July 6, 2019, XLM has struggled between lows of $0.099219 and $0.099626. Its high for the week range has been between $0.101999 and $0.106911.
What’s however worthy to note is that the price of ADA and XLM like other altcoins have declined with the steady price movement in Bitcoin. The same decrement was evident in the first week of June before they surged to $0.106910 (ADA) and $0.134813 (XLM) on June 22 and June 26, 2019, respectively. Will a new record also be set later in the month of July? One can only hope and wait.