Crypto

Stellar Price Struggles to Overcome the dip Despite Promising Developments

As the week nears the halfway point, it will be interesting to see which markets can perform and which will fall apart. So far, the overall uptrend is still rather evident, although things can easily change. The Stellar price remains in the red at this time, although its bullish hourly chart might help change that fact pretty quickly.

Stellar Price Tries to Recover

It is always interesting to keep an eye on the many different cryptocurrencies, tokens, and digital assets available today. Although it remains to be seen how things will evolve exactly, there is still a lot of bullish momentum brewing behind the scenes. As Bitcoin continues its uptrend, Stellar seems to struggle for traction a bit. Not that big of a deal, as this deficit can be overcome without too many problems if the trading volume picks up again.

Over the past 24 hours, the Stellar price is still down by 1.1% as it dropped to $0.127127. There is also a dip in XLM/BTC< which drives that ratio down to 2,423 Satoshi. Neither of these developments are extremely worrisome, although they do seem to buck the overall trend affecting most markets right now. As such, there is a genuine chance things will get pretty interesting moving forward, albeit one never knows what the future will hold for this particular market.

There is still some excitement regarding the use of Stellar’s network by Western Union. Albeit the remittance giant initially showed an interest in Ripple, it seems the company is keeping all options on the table at this time. Which solution the company will work with in the end, remains to be seen, as both Stellar and RIpple have their own advantages and downsides.

The bigger news of the week so far comes in the form of Astrograph. This represents a gateway to the Stellar blockchain ecosystem through a single GraphQL endpoint. For corporations and developers, this can have some very big consequences in terms of developing new products and services. Developments like these can help advance a blockchain ecosystem to a whole new level over the years to come.

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For those traders who simply want to make some money at all costs, there are a few arbitrage opportunities available involving XLM. A price difference between Binance/KuCoin and Bitexen can make interested parties some decent profit in the process. Bitexen is not the most liquid exchange by any means, but it is still an option worth looking into for a quick buck regardless.

The big question is when Stellar will recover from this dip and where its value will head next in the process. As of right now, it seems the overall bullish momentum affecting most markets will spill over to XLM as well, albeit no major gains are expected at this time. A day of minor gains would not hurt this industry either, even if it makes things far less exciting compared to the past week.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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