As is always the case when the cryptocurrency markets are bleeding value, some coins are affected worse than others. In this particular cycle, we see the Stellar price decline by as much as 13.6% over the past 24 hours. Not a positive trend by any means, and it seems a reversal is not on the horizon either.
Stellar Price Onslaught is Very Real
No one will deny these past few weeks have not been all that fun for cryptocurrency enthusiasts. With so many markets suffering from a decline in value, things are not looking all that great. Especially the past 24 hours have resulted in very big declines in virtually all markets, with the Stellar price embodying this bearish pressure exactly. More specifically, the Stellar price has lost 13.6% in value over the past 24 hours alone.
While that in itself is not uncommon in the world of cryptocurrency and digital assets, it further confirms we will not see any major positive momentum in the near future either. This recent Stellar price dip comes on the heels of previous declines which sent the value from $0.83 all the way down to $0.4 in the early months of 2018. With the bearish pressure only intensifying as more time progresses, we may very well see further Stellar price declines in the near future.
It is also worth noting the Stellar price is going down because of losses in the XLM/BTC department. With the XLM/BC ratio decreasing by another 6.21% over the past 24 hours, it has become rather evident the struggling Bitcoin price will continue to drag all altcoins with it for quite some time to come. There is no indication altcoins will decouple themselves from Bitcoin in this regard, but only time will tell what the future will hold.
With Stellar still generating a trading volume of $64.811m, the demand for XLM is not there as of right now. All cryptocurrency markets have seen a decline in trading volume over the past few weeks, and it seems this trend will only get worse as more time progresses. We are used to Stellar generating over $200m worth of trading volume on a regular basis, but right now, reaching $100m will be quite a challenge, for obvious reasons.
The way things look right now, Binance is the leading cryptocurrency exchange when it comes to XLM volume. They are well ahead of Upbit and Bittrex. Poloniex and Upbit’s second pair are all in the top five as well. There’s only one fiat currency pair in the entire top five for XLM, which further confirms there is very little money flowing into Stellar as of right now. Not a positive sign, but we will have to wait and see how all of this plays out.
For the time being, the Stellar price seems poised to go down even further over the next few hours. More specifically, it is evident the bearish pressure on all cryptocurrency markets will not slow down anytime soon. Although some markets are trying to fight this negative trend, no currency has been able to make any meaningful impact as of right now. It is evident the Stellar price faces a big uphill battle in this regard, but the cryptocurrency world often works out in a funny way.
