Even though yesterday was not necessarily the best day for the cryptocurrency markets, it seems things will turn out just fine. Thanks to some solid overnight recovery, most prices are in the green once again. The Stellar price, for example, indicates there may very well be a bright future ahead for all currencies going into the weekend. With another solid 15% gain, one XLM is now valued at $0.42 once again.
STELLAR PRICE ISN’T HINDERED BY BRIEF DIP
Yesterday was a pretty awkward day for all cryptocurrencies. With the earlier positive momentum bottoming out and turning into a brief dip, some investors were concerned things would not necessarily head in the right direction again anytime soon. Thankfully, things tend to turn around pretty quickly in the cryptocurrency industry. As the Stellar price shows, yesterday’s dip has turned into a positive in pretty quick succession.
Thanks to this latest 15.47% gain in the past 24 hours, the chart looks rather promising once again. While it remains to be seen if that trend can be sustained for long, there’s a good chance we will see more upward momentum in the coming hours and days. Although a Stellar price of $0.42 is pretty significant, it is still a long way removed from the all-time high we saw in late 2017.
It is also interesting to note how the Stellar price has risen thanks to solid gains over Bitcoin itself. Similar to most altcoins who tend to rise in value, XLM has gained in USD value thanks to Bitcoin’s small recovery and inching out a lead over BTC itself. As such, the XLM/BTC ratio successfully increased by 11.41% in the past 24 hours, which is not something to overlook by any means.
Although Stellar’s trading volume is anything but stellar- no pun intended – the $219.57m seems to be sufficient to keep this positive momentum going, for the time being. It is not the highest trading volume this currency has seen to date, but it is not terrible either. With the overall cryptocurrency trading volume declining again over the past few hours, it remains important to record nine-figure numbers or better. Not every currency will be able to achieve that goal.
Looking at the exchanges ranked by XLM trading volume, Binance is in the lead, ahead of Poloniex and Upbit. With just one fiat currency market in the top three, not too much fresh capital is entering the XLM ecosystem at this stage. That is not necessarily a bad thing, but it remains interesting to see how these things change in the coming hours. If all currencies recover over further, the weekend will be action-packed.
Whether or not the XLM price will reach $0.5 over the weekend, is very difficult to predict. Given the volatile nature of all cryptocurrencies and digital assets, it will mainly hinge on how the Bitcoin price evolves in the next few days. Assuming that trend is positive, it seems normal the altcoins will benefit from the momentum. That can effectively catapult the XLM price higher, although reaching and maintaining $0.5 will be a major challenge.