While it is quite positive to see a lot of green on the cryptocurrency charts right now, it remains to be seen how long the momentum will last. Judging by the current Stellar price, things may effectively improve over the weekend. Then again, the day is not over just yet, as new bearish momentum is forming already.
THE STELLAR PRICE NOTES A LARGE GAIN
As is always the case in the world of cryptocurrency, any positive price momentum will usually be followed by more bearish pressure. Whether or not this weekend and upcoming week will prove to be different, remains to be seen. Judging by the Stellar price right now, the positive momentum is materializing in somewhat spectacular fashion.
With a solid 15.57% gain over the past 24 hours, Stellar Is the best-performing top cryptocurrency as of right now. While other currencies not some gains as well, the Stellar price will be on a lot of people’s radar as of right now. While the value of $0.21 is nothing to sneeze at, it is still quite a long way removed from the all-time high.
It is also interesting to see how the Stellar price has gained nearly 10% on Bitcoin. This is always peculiar, especially as the Bitcoin price is rising. It seems altcoins can only note gains in this regard when Bitcoin is doing well. Even so, it positively influences the Stellar price, for the time being. Maintaining this Stellar price momentum is a completely different ordeal, though.
With just under $80m in 24-hour trading volume, the demand for Stellar is not necessarily all that great. Whether or not that is a positive development, remains to be seen, as this trading volume is pretty low when looking at the big picture. Then again, the overall cryptocurrency trading volume is still pretty low.
The way things look right now, Binance generates the most XLM trading volume. Its lead over Upbit is not all that big as people may think, though, but it’s still clearly visible. Poloniex completes the top three, which means there is only one fiat currency pair in the entire top three. Unfortunately, that is a KRW market, which has zero impact turn the rest of the world.
Whether or not the Stellar price momentum can remain bullish, is very difficult to predict. Considering how all currencies already show a minor retrace over the past few hours, it seems safe to say there is no reason to be overly happy just yet. Until the cryptocurrency market cap goes back over $300bn and stays there for a long period of time, we will not see any major growth whatsoever.