Most cryptocurrency enthusiasts were surprised to see Stellar included among the crypto top 10 ranked by market cap at the end of 2017. A lot of people ignore currencies which won’t net them quick profits or don’t serve their specific needs. Even so, the Stellar Lumens price successfully surpassed US$0.50 last year. Fast forward to today, and the Stellar price has surpassed US$0.65 again. It’s an inspired bounce back after a very difficult week.
Stellar Price Seems to Follow XRP’s Momentum
If there are two digital assets unlike any cryptocurrency in existence today, they have to be XRP and XLM. The latter is also known as Stellar Lumens, another asset designed to modernize the financial sector. Cryptocurrency speculators have kept a close eye on the Stellar price ever since it hit US$0.10. Over the past few weeks, that value has risen gradually, despite some major market opposition due to Bitcoin’s struggles.
At its peak, the Stellar price rose as high as US$0.91. That was quite a steep value for an asset which was worth less than US$0.20 in early December 2017. The entire ecosystem has seen multiple currencies and assets explode in value over the past few months. Unfortunately, the Stellar price also hinges on how Bitcoin evolves in the price department. Given the world’s leading cryptocurrency’s struggles, it was not surprising to see Stellar drop to US$0.44 earlier this week.
Ever since that time, we have seen the Stellar price mount a somewhat strong comeback. Although it has been a bumpy ride these past few days, we now have a Stellar price of US$0.65 once again. It is still too early to speak of reaching a new all-time high in the near future, but anything is possible at this stage. It is uncanny how both the Stellar price and XRP’s price tend to go up at the same time, even though they are two separate projects which share a similar goal.
With just US$439.82 million in 24-hour trading volume, things are not looking overly impressive for Stellar right now. This digital asset noted a daily volume of over US$1 billion not that long ago. Then again, the crypto markets are still reeling, as a lot of damage has been caused by the media’s spreading false information regarding South Korean exchanges. For now, things are slowly heading back in the right direction, but we are not out of the woods just yet.
Binance is the leading trading platform for Stellar as of right now. Its 24-hour volume is nearly US$30 million ahead of Bittrex, and US$54 million ahead of Poloniex. Moreover, there are no fiat currency markets among Stellar’s entire top five right now. The first fiat currency market on the list is Bitcoin Indonesia in sixth place. Considering that Kraken is still down for maintenance, it is only normal that Bitcoin has become Stellar’s main trading pair for now.
Price speculation serves no real purpose with the markets in their current state. All of the gains noted overnight could easily be wiped out in an hour or two. We can only hope the crypto markets are finally returning to normal and things stay stable for longer than a few hours. If that happens, the Stellar price may very well hit US$0.75 before the week is over. For now, trading with caution is the best advice anyone can give you.