With all cryptocurrency markets still in a state of unrest, it will be interesting to see how things shake out. Any major gains over the weekend were quickly wiped out Sunday evening, for some unknown reason. At the same time, we’ve seen the price of Stellar Lumens head back to US$0.50 and higher. This is a positive change of events, as the Stellar price fell below US$0.32 not that long ago.
Stellar Price is on the Rise Again
The end of 2017 was pretty bullish for nearly all cryptocurrencies and digital tokens. Even Stellar saw some major growth during that time, which took a lot of people by surprise. As of right now, the Stellar price is US$0.509, which is a lot lower than the all-time high of US$0.90 not that long ago. Reaching this value for the second time may prove to be a rather steep challenge for Stellar, but one never knows what the future will bring in the world of cryptocurrencies.
Last week, we saw the Stellar price drop all the way to US$0.311. Considering that all other cryptocurrencies took a big hit around the same time, it is only normal that the Stellar price was affected by this negative momentum. It seems all markets are slowly recovering some of their losses, although there is still a lot of negative pressure on the markets.
Over the past 24 hours, we have seen Stellar’s USD price increase by 6.6%. Additionally, its BTC value rose by 7.51%, which indicates some strong momentum. At the same time, the price of Bitcoin itself is still struggling to remain above US$12,000. Assuming Bitcoin goes up in value moving forward, it is not unlikely that Stellar’s BTC value will take a big hit.
With US$174.6 million worth of 24-hour trading volume, Stellar doesn’t appear to be in high demand whatsoever. It is a far lower trading volume than most people would expect, although it is more than sufficient to keep things moving along, by the look of things. It seems there is more interest in buying XLM than selling it right now, although that situation could always reverse on a moment’s notice. For now, the momentum is working in Stellar’s favor.
Most of the recent Stellar trading volume has originated from the Upbit exchange, which is no real surprise. Unfortunately, this means nearly half of XLM trades are taking place in a country that no non-Korean users can take advantage of. Binance is in second place on this list, followed by Bittrex. Neither of these two exchanges has a fiat currency gateway, which means no new capital is entering the cryptocurrency ecosystem directly. So far, this has not proven to be a problem, but it would be great to see more fiat currency pairs in the mix for XLM.
For the time being, it is unclear in which direction the Stellar price will go next. The current momentum is certainly impressive, but there is still a long way to go until we can even remotely consider reaching a new all-time high. It is only a matter of time until all markets recover and we see more money pouring into markets such as Bitcoin, Stellar, and others. Until that happens, there will be a lot of price volatility to take into account.