There are always interesting correlations in the world of cryptocurrency these days. With the XRP price going up quite spectacularly over the past 24 hours, it is not entirely surprising to see the Stellar price almost mimic the momentum. More specifically, we are now looking at a Stellar price of almost $0.4, which is pretty significant.
Stellar Price Momentum Continues
It is interesting to see how the cryptocurrency markets are evolving as of right now. While it seems every market is almost on the bubble of seeing major gains, very few of them are actually showing their true potential as of right now. With Bitcoin going up slowly and Ethereum still stuck in sideways momentum, one has to look beyond the top three for any meaningful action right now. As of right now, the Stellar price is the second-strongest riser over the past 24 hours.
With the Stellar price increasing by 13.1% over the past 24 hours, it has become evident there is a genuine demand for this particular currency. What is exactly fueling this demand, remains to be determined at this point. Considering how Stellar is trying to do almost the same as Ripple, it is only to be expected both companies will be of great interest to financial institutions all over the world.
It is also worth noting the Stellar price is rising thanks to solid improvements in the XLM/BTC ratio. With a solid 9.54% gain in this market, things are looking pretty good for the Stellar price as of right now. Whether or not this trend can be sustained for another day or multiple days, remains to be determined, though. For the time being, the gains look solid and the momentum is still in place as we speak.
The overall 24-hour trading volume for Stellar has not been overly impressive, though. More specifically, we see just $88.38m in volume, which is lower than what people would expect at this time. With so many markets suffering from a decrease in trading volume, it will be interesting to see which currency will successfully buck this trend in the near future.
As of right now, Binance is the largest XLM trading platform, although Upbit, Poloniex, and Bittrex are all coming pretty close as we speak. Upbit is in fifth place as well with their XLM/BTC market, which is rather surprising but not entirely uncommon. The lack of any USD or EUR trading pairs in the entire top 10 is something to be concerned about, although this situation can still improve in the coming hours and days. More fresh capital will need to enter the cryptocurrency market sooner or later, though.
For the time being, it is difficult to gauge what the future holds for the Stellar price. Anything is possible in this market, but it remains to be seen how high the Stellar price can go as of right now. Reaching $0.40 is certainly possible, yet it may be difficult to go much higher than just that. Always remember to take profits when the time arises, as the cryptocurrency markets will always remain incredibly volatile.