No one will or should be surprised to learn the cryptocurrency markets look anything but healthy at this stage. It has not been a good year for cryptocurrency, and expecting something to change seems a bit odd at this point. Most of the top currencies are still struggling with losses, albeit the Stellar price has begun noting positive momentum.
Stellar Price Inches Upward
It is always interesting to see how the cryptocurrency markets evolve these days. Given all of the negative momentum 2018 has brought, any sign of green is welcomed with open arms. Unfortunately, those moments usually don’t last long. Whether or not the Stellar price will fare differently this time around, remains highly unlikely.
Over the past 24 hours, the Stellar price has risen by 1.68%. It is not a big change, although this is one of the very few top currencies to effectively note growth in the past 24 hours. Thanks to this modest gain, the Stellar price is almost back at $0.19, which is still well below the peak of nearly $0.8 a few months ago. Such a value will likely not be reached again in 2018.
As one would expect from a cryptocurrency gaining in value, Stellar also benefits from an increase over Bitcoin. The XLM/BTC ratio has increased by 1.33%, which is not terrible by any means. This does seem to confirm Bitcoin may be poised for another leg up prior to or during the weekend. Only time will tell if that can indeed be the case.
Similar to most other cryptocurrencies on the market today, Stellar’s trading volume is anything but impressive. The overall volume is on the verge of dipping below $10bn very soon, yet it remains to be seen how things will unfold in this regard. For XLM, a volume of under$35m is pretty abysmal, and will not sustain a Stellar price increase for long.
Looking over the exchanges ranked by XLM trading volume, it appears Binance is in firm control. Its BTC and USD pairs are both in the top three separated by BCEX’s CKUSD pair. There’s also CoinEgg in fourth place, and BCEXs BTC pair in fifth place. Nothing overly impressive by any means, but it is still an interesting collection of platforms and trading pairs regardless.
The way things look right now, it seems highly unlikely the Stellar price will go much higher. That is, unless Bitcoin finally pulls its head out of the sand and starts throwing its weight around. So far, that has not happened yet, and no major changes are on the horizon in this regard. A bit worrisome, but it is to be expected at this stage.