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Stellar Price: Massive Gains Continue Despite low Trading Volume

It has become very apparent how all cryptocurrencies will continue to benefit from this positive momentum all day long. With no initial dip in sight, the current momentum is very bullish. If the Stellar price trend is any indication, the coming hours will be very crucial. A 26.46% gain can’t be sustained indefinitely, but there is no sign of slowing down.

Stellar Price Rocket Remains Operational

One has to wonder where all the positive cryptocurrency momentum is coming from as of right now. It is an entirely unexpected turn of events, although there has been a genuine feeling Bitcoin might turn bullish later in 2018. So far, it seems that prediction holds up, as the current bull trend remains in place without any major setbacks.

This trend has not just affected the value of Bitcoin and Ethereum. By far the biggest “gainer” in the top 15 is Stellar. Although this trend has formed some time ago, the Stellar price continues to shoot upward. The past 24 hours alone has resulted in a 26.46% Stellar price increase. It is not unheard of, although sustainability will always remain a big question.

The current Stellar price trend is also aided by major XLM/BTC ratio increases. Unlike Ethereum, which loses ground to Bitcoin, Stellar is surging ahead. A 13.86% increase in favor of the altcoin over the past 24 hours result in extremely positive overall momentum. If this trend keeps up, the Stellar price should surpass $0.3 later today.

Despite all cryptocurrencies benefiting from a heavily increased trading volume, Stellar’s trading volume hasn’t changed all that much. Although $109.136m in 24-hour trades is not all that bad, it is not necessarily enough volume to sustain this current Stellar price trend for much longer. One would expect people to flock to XLM all of a sudden, but that is not happening just yet.

Binance is still leading the charge in terms of XLM trading volume. Its BTC and USDT pairs are in the top two, followed by Upbit’s KRW market. BCEX inched its way to fourth place with a CKUSD pair, followed by CoinEgg’s BTC pair. Kraken is also making some waves in the top ten, which is rather unusual for this exchange. This seems to indicate there is a lot of fresh capital entering the market as of right now.

Sustaining the current Stellar price trend will prove to be extremely difficult. Despite the positive momentum, there simply isn’t enough trading volume to keep the momentum going as of right now. At the same time, stranger things have happened in the world of cryptocurrency and digital assets. As long as the Bitcoin price remains in the green, altcoins and digital assets will see some positive momentum for the foreseeable future.

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Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest dedicated independent chipmaker, has predicted a drop in demand from the cryptocurrency mining community in the fourth quarter this year. The growth target of 7 to 9 percent was slashed to 6.5 percent partly due to the demand dynamics of bitcoin miners. Crypto Mining Demand For TSMC Chips to Weaken Further In Q4 2018, Says CEO C. C. Wei, Chief Executive Officer and Vice Chairman of TSMC told investors at the company’s third quarter 2018 earnings conference that business growth would be offset by “continued weakness in cryptocurrency mining demand”. “Moving into fourth quarter, despite the current market uncertainties, our business will benefit from the continuous steep ramp of7-nanometer for several high-end smartphones as well as the demand for 16/12-nanometer for the launches of new-generation GPU andAI. However, this growth will be partially offset by continued weakness in cryptocurrency mining demand and inventory management byour customers.” The company forecasts growth between 5 and 7 percent for the overall semiconductor market excluding memory, while foundry is expected to grow between 6% and 7%. Weakening demand from cryptocurrency miners has forced the firm to adjust the growth estimate to 6.5 percent in U.S. dollar terms, according to the chief executive. “However, our business is also negatively impacted by further weakening of cryptocurrency mining demand. As a result, we estimate our 2018 growth rate will be about 6.5% in U.S. dollar term, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.” The downshift in mining profits is the main responsible for the company’s revision of its full-year sales target, citing uncertainty in the cryptocurrency market as its reason. In April, the Taiwan Semiconductor Manufacturing Company lowered its 2018 revenue guidance to 10% growth from 10-15%, estimating that about 10% of the Asian chipmaker’s revenue depends on cryptocurrency mining demand. Moreover, the entrance of Samsung in the global cryptocurrency mining sector could be providing TSMC their first real competitor in the sector, which in turn, may eventually push the company to lower its sales targets in years to come. Samsung has started the production phase of bitcoin and cryptocurrency mining equipment and ASIC mining chips earlier this year. The company intended to manufacture GPU miners for miners targeting small cryptocurrencies in the upcoming months. President Trump’s trade tariffs, on the other hand, may hurt future trade volumes of Chinese companies producing cryptocurrency mining hardware. This may eventually benefit TSMC as competitors from the People’s Republic of China will have a hard time in the race for the U.S. market. The post Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target appeared first on NewsBTC.

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