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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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At press time, the father of cryptocurrency is trading for just over $6,000. This is about $200 less than where it stood during yesterday’s afternoon hours. The coin is continuing to fall deeper and deeper into red territory, though this price is an improvement over where it stood during the early morning, when it fell below $6,000. The currency is now just a few steps above its lowest point of the year, which it hit on June 18 with a price of just over $5,770. The cryptocurrency market cap has shed approximately $21 billion off its back in the last 24 hours, and it appears the crypto space is being targeted by massive sell-offs. In other words, bitcoin is not alone in its present state. The currency is struggling to maintain its position on the financial ladder, yet it’s still doing relatively well in comparison with entities like Ethereum, which has fallen below the $300 mark – the lowest it’s been all year. Also, Ripple – the third-largest cryptocurrency by market cap – has also fallen by roughly 14 percent. Charles Hayter, CEO of CryptoCompare, is blaming the SEC’s decision to postpone any action towards the bitcoin ETF submitted by VanEck SolidX. “This has snowballed negative investor sentiment,” he explains. Some, however, are refusing to give in to all the hype and say that bitcoin still has the power to unite cryptocurrencies across the board. One Reddit user for example, recently posted his thoughts regarding the recent sell-off. “Am I selling now?” he asks defiantly. “No way. Why not? Because bitcoin is not broken. Nothing bad happened to bitcoin. It still works. Will there be bumps along the way? What do you think we’re experiencing now? Some of [you]get to decide: are you going to be a coward or not?” Hayter further commented that the bitcoin arena is only going through ups and downs because it is still a developing market; that it holds a strong position in the financial infrastructure, but needs more time to mature: “Bitcoin and its ilk are opening up a new arena of finance. The hope and speculation that gripped the market last year has been eroded in the last few months. That said, under the hood, a lot of work has been moving ahead to form the routes to incumbent institutions and to provide them with the tools, mechanisms and assurance they need for entering the cryptocurrency space. It’s only a matter of time before the crypto sphere becomes part of the mainstream, but it needs to do a lot of growing up in the process.” Bitcoin Charts by TradingView

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