The weekend is usually a bit of an awkward period for cryptocurrency trading. This is not just because we see far less trading volume, but also because strange trends tend to materialize which don’t last all that long. As of right now, most markets are in the green without apparent reason. Especially the Stellar price notes some strong upward momentum.
Stellar Price is Surging, for now
It is evident the current cryptocurrency price trends will most likely turn bearish in the next few hours. Given how the overall trading volume is below $10bn for the first time in a while, there appears to be no demand for any cryptocurrencies as of right now. Any movements taking place – good or bad – are achieved through low volume, which means they can turn around at any given movement.
For the Stellar price, the current uptrend looks rather brittle. While a 6.18% gain is more than respectable as of right now, it is evident the low trading volume may pose a big problem in the near future. Even so, we are now looking at a Stellar price of just above $0.20 again, which is on par with what we have seen for most of the week. Holding on to this price may prove to be rather difficult, though, as there no long-term positive momentum in any market right now.
Even though the Stellar price is up in USD value, the gain over Bitcoin is rather minimal as of right now. An increase by 1.9% in favor of XLM is nothing spectacular by any means. It only further confirms how reliant Stellar – as well as other cryptocurrencies – are on the Bitcoin price as of right now. Depending on how BTC evolves this weekend, the Stellar price may see some hiccups along the way.
Speaking of the trading volume earlier, Stellar’s volume is not impressive by any stretch of the imagination. Over the past 24 hours, we saw $32.25m worth of XLM changing hands, which is a lot lower compared to what most people would like to see at this point in time. Even so, it is sufficient to propel the Stellar price to this current level, although it may not remain there for much longer.
With such a low trading volume, it is still interesting to see which exchange generates the most trades. As of right now, Binance is clearly in the lead, as it provides 45.25% of all XLM trading. Upbit and Bittrex complete the top three, albeit with far less volume to speak of. It is remarkable how few fiat currency pairs we see in the top ten right now, albeit it is not entirely surprising either.
How all of this will evolve in terms of the Stellar price, remains to be seen. As of right now, things do not look mightily impressive, but the weekend is only just getting started. Even so, there are still a lot of ways things can play out. Holding on to this current $0.20 XLM price may prove to be difficult, but we have seen a lot of strange things in the world of cryptocurrency as well. Weekends are always unpredictable in this regard.