The going has gotten rather tough in the world of cryptocurrencies these past few days. An ongoing bearish trend is wreaking a bit of havoc among most of the alternative markets right now. While most top markets are trying to hold their own, the Stellar price is giving up a lot of ground. This appears to be a continuation of a one-month downtrend which will not relent.
Stellar Price Decline Continues Unabated
Although it has become somewhat quiet on the Stellar Lumens front, it would appear the price continues to decline as of late. For people who have been looking at XLM for more than a few days, this will not come as much of a surprise. This downtrend has been in effect for over a month now, ever since traders lost control over the $0.1 level.
Even the most recent market revival has not kept the XLM value afloat for very long. This became apparent in the past few hours, as the Stellar price has dropped by another 3% in USD value, to $0.088. In XLM/BTC, there is also a 2.4% decline, as one XLM is now priced at 2,234 Satoshi. It is evident this asset is not doing too well, and its trading volume is seemingly not picking up either.
On social media, it quickly becomes apparent some interesting discussions are taking place. Some people are actively discussing how old or new the XLM technology really is. According to Electra-Highway, the initial protocol is based on eight-year-old technology, which is not what most people would expect. However, that doesn’t automatically make it better or worse than some of its competitors on the market today.
https://twitter.com/electra_highway/status/1098740918759256065
Coinogaritma, on the other hand, is currently looking at the price chart from a slightly different perspective. More specifically, this trader wonders how long it will take until XLM begins heading in a specific direction. For now, it is evident this can easily swing either way, primarily because the bearish pressure on Bitcoin will not relent anytime soon.
https://twitter.com/coinogaritma/status/1098853559758659584
For those traders who simply want to pocket some profits and not worry about much else, triangular arbitrage will have one covered first and foremost. There is one interesting triangular arbitrage option involving HST, XLM, and a few different exchanges. This opportunity can net a potential profit of up to 42.8%, which is quite a spectacular amount under bearish circumstances.
https://twitter.com/KoinKnight/status/1098855206232547329
All of the market signs seem to indicate today will not see much of a market reversal right away. The one positive side is how Bitcoin’s downfall is kept to an absolute minimum, even though alternative markets tend to lose a ton of value regardless. For XLM, the lack of an increased trading volume, combined with further XLM/BTC losses, can prove to be somewhat problematic.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
