We are beginning to take stock of January 2023, and the performance of three cryptocurrencies, Stellar, Litecoin, and Dogecoin, stand out above the rest.
Crypto analysis of Stellar, Litecoin and Dogecoin
Successful altcoins that have shined in market performance in this first month of the year include Stellar, but also Litecoin and the ubiquitous Dogecoin.
XLM (Stellar) touches €0.086965 registering a sideways move compared to yesterday.
Stellar reaches a trading volume of €49,893,103 and thanks to a capitalization of €2.284 billion reaches the 28th position in the Market cap.
As of today there are 26,273,099,190 XLM outstanding against a maximum of 50,001,806,812 XLM.
Stellar is nothing more than an open crypto exchange founded 9 years ago by Jed McCaleb and Joyce Kim.
Stellar is the brainchild of the non-profit Stellar Development Foundation and its native token (Lumen XLM) is worth €0.086.
The company has become the most widely used exchange for non-profits such as Praekelt via the messaging app Vumi or Oradian, a software that wants to use this protocol to create synergy among microcredit companies in Nigeria.
In October 6 years ago, it was chosen by IBM for cross-border payments.
Litecoin is at €87.31 as I write this article and has a trading volume of
LTC holds the 16th position in the Market Cap with €6,438,704,673.
Bitcoin’s Hard Fork invented in 2011 has a total circulation of 84,000,000 LTC.
Litecoin was invented by Charlie Lee and is the first altcoin to have established itself in the crypto world and to have consistently remained among the top ten cryptocurrencies by market capitalization.
Despite being born from a rib of Bitcoin, Litecoin is very different, e.g. at faster times, it is more efficient but has four times the supply of BTC.
According to the latest data, whales have $1 million worth of LTC in their pockets and that is a good thing for the continuation of the bullish trend.
The next supports to hit are €130 and then €200.
Dogecoin (DOGE) was born ten years ago from the web meme of the same name.
Dogecoin is not a store of value as BTC can be considered so much that 10,000 DOGE are mined per minute unlimitedly.
Dogecoin appreciates 3.49% since yesterday touching €0.0831.
There are 132,670,764,299.894 DOGE in circulation.
There is fear of a new bearish movement surrounding the crypto in the short term but since it has already been bought en masse, it might give up something in terms of value.
The decline in value according to analysts will be temporary and insiders agree that the bullish trend will persist.
Whales have been hoarding DOGE, and Robinhood has indicated that it is working to provide support for Dogecoin.
The MVRV ratio has risen, causing DOGE to continue the bullish run.
The next resistances to be reached and broken are the one at €0.1200 and the one just above at €0.1400.