As all cryptocurrencies try to find their own pace once again, it appears Stellar may be one of the first in the top 10 to rebound. Its deficit over Bitcoin has almost been negated, which can easily turn into a net USD gain over the coming hours. How the Stellar price will evolve exactly, is always difficult to predict given these circumstances.
Stellar Price Momentum is Brewing
Although it seems yesterday evening’s market setback will not keep most top cryptocurrencies down for very long, the big question is which coin will recover first. At this time, it would appear Stellar holds all of the trump cards, as its momentum in the BTC department is rather promising so far. While there is still a small deficit, it seems things could head in the right direction pretty quickly.
Over the past 24 hours, Stellar has faced a small setback in value. A 2% loss in USD value is never pleasant, although the 0.4% deficit over Bitcoin is what most traders keep an eye on right now. More specifically, if XLM can overcome the BTC deficit, its USD value can begin to recover accordingly.
One of the main reasons why Stellar’s XLM might see some positive momentum this year is because of its upcoming developmental change. Similar to some other projects, Stellar is in the process of implementing the Lightning Network. That scaling solution was originally designed for Bitcoin, even though the concept can easily be incorporated by other project developers as well.
https://twitter.com/ProofofResearch/status/1057144394799874048
There are also those who hope services like ShapeShift will show some love to XLM in the future. Lionclaw HQ is one of those individuals who believes an XLM integration would be beneficial to these instant cryptocurrency conversion services. While there may be some truth to such claims, the company has yet to issue any official intent on supporting additional currencies.
https://twitter.com/Lionclawblock/status/1057183434743967745
Those who are unwilling to wait for an XLM price recovery can explore arbitrage options. Buying XLM on Kraken and selling on either KuCoin or HitBTC can yield a small profit. No major gains should be expected at this time, albeit every opportunity is worth looking into given these market conditions.
#XLM
Buy at #Kraken and sell at #KuCoin. Ratio: 0.83%
Buy at #Kraken and sell at #HitBTC. Ratio: 0.83%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC— Arbing Tool (@ArbingTool) October 30, 2018
For the time being, things are not looking great for the top cryptocurrencies. That doesn’t mean the momentum can’t turn around moving forward, albeit it remains unclear if Stellar will see any benefits from a potential market reversal. For now, the asset has a slightly better chance of recovering quicker than others, although gains will not materialize out of the blue by any means.
Image(s): Shutterstock.com