After a few rough days, it seems cryptocurrency markets are slowly recovering. Although there is no reason to think we are out of the woods just yet, things are slowly heading back in the right direction. The Stellar price, for example, has surged by 16.94% over the past 24 hours, which is pretty impressive. With the price moving back above US$0.50, it will be interesting to see if this digital asset can reach a value of US$1 in the coming weeks and months.
Stellar Price is back on Track
The past week has not been all that much fun for most cryptocurrency enthusiasts. More specifically, all markets have taken a serious beating over the past few days, and it seems there is still sufficient volatility to continue down this path. In the case of the Stellar price, we have seen the value ping-pong between US$0.315 and US$0.543. For speculators, this has increased their chance of making a lot of money very quickly, but there are a lot of risks associated with that approach.
With the Stellar price noting an impressive 46.94% gain over the past 24 hours, it is evident things will only improve from here on out. Even though the markets are still subject to major volatility, we may see some interesting changes over the next few days and weeks. Some Stellar price speculators would like to see the price of this asset reach US$1 in the near future, but that may prove to be rather difficult given the current market conditions. Nothing is impossible in cryptocurrency, though there’s no reason to get ahead of ourselves.
It is also worth noting that the Stellar price has increased by 12.77% against Bitcoin. Even though Bitcoin itself is going up in value ever so slightly, it seems to confirm that some assets and altcoins are decoupling themselves from the BTC market. If that continues, things will be getting very interesting for a lot of currencies very quickly. In the case of the Stellar price, it could even result in reaching US$1 a lot sooner than people might think.
With US$307.5 million in 24-hour trading volume, it is evident that Stellar is not in high demand right now. Even so, this digital asset has appreciated in value rather nicely, which confirms that there is a genuine demand to buy XLM. If this keeps up, we will see a future Stellar price increase before long. Right now, most investors and speculators are rather hesitant to explore new markets, and it will take some time until things return to normal in this regard.
The majority of Stellar’s 24-hour trading volume came from the Upbit exchange. More specifically, Upbit generated US$153.82 million in volume, which is well ahead of Binance’s US$38.285 million. Bittrex is in third place, which is rather surprising. There is no fiat currency market for Stellar to speak of, even though exchanges such as Kraken do support both USD and EUR trading of XLM right now. It seems there isn’t much interest in pursuing these options right now, though, but things can change in the coming hours and days.
For the time being, it is a bit unclear what direction the Stellar price will head in. It seems there is some positive momentum in place right now, but it’s doubtful the Stellar price will surpass US$0.65 anytime soon. With a sufficient influx of new money in the cryptocurrency ecosystem, however, such changes can occur a lot more quickly than people expect. For now, it is best to take small profits whenever the opportunity arises, as the market volatility is far from over. It is not unlikely the total market cap will drop below US$500 billion in the coming days.
