It seems most cryptocurrencies will remain in the red all day long, but there is some hope at the end of the tunnel as well. If the Stellar price is any indication, we may see some positive momentum in the coming hours and days. More specifically, the Stellar price has risen by 3.89% over the past 24 hours, even though it is the only top cryptocurrency in the green right now.
STELLAR PRICE NOTES GROWTH
Considering how Bitcoin and all other cryptocurrencies and digital assets in the dirt right now, it is all the more impressive to see the Stellar price buck this trend successfully. More specifically, the value per XLM has risen over the past 24 hours, whereas the other currencies are suffering from medium to heavy losses. It is a bit unclear why the Stellar price is doing the exact opposite of other cryptocurrencies, but it is still an interesting trend to keep an eye on.
To put this into perspective, the Stellar price has risen by 3.89% in the past 24 hours. While that is a pretty small increase compared to what most people are used to, it is pretty impressive when considering how the Bitcoin price is down by as much as 7% right now. At the same time, Stellar’s value has not been correlated to the Bitcoin price too closely, and it seems that trend is only intensifying as more time progresses.
It is also worth noting how the Stellar price is in the green partially thanks to strong increases in the XLM/BTC ratio. With a 9.7% increase in favor of Stellar, it is evident the alternative currency is on the right track as of right now. Whether or not this trend will continue for much longer, is pretty difficult to determine. Cryptocurrencies are a very intriguing industry, but one that is also subject to a lot of volatility first and foremost.
Even though Stellar doesn’t generate the most trading volume of all cryptocurrencies on the market today, it seems the $80.96m in trades is more than sufficient to keep the Stellar price momentum going. Whether or not that will indeed be the case, remains to be seen, but so far, it seems the momentum is in favor of Stellar. If this trend keeps up, the Stellar value could rise to $0.35 in quick succession. That would certainly be an interesting trend to keep an eye on.
The way things look right now, most of the Stellar trading volume originates from South Korea’s Upbit exchange. Binance is in second place, and Poloniex completes the top three as we speak. This also means there is only one fiat currency pair in the entire top three right now, but that doesn’t appear to hinder Stellar’s price momentum at this time.
Whether or not the Stellar price is setting the tone for the rest of the cryptocurrency industry, remains to be determined. It is evident most markets would benefit from a small to medium uptrend right now, albeit it is highly unlikely something that will happen today or tomorrow. If the current trend for XLM remains in place, the Stellar price can effectively hit $0.35 in a few hours from now. At the same time, the overall market volatility will make an impact on the Stellar price sooner or later.