It will be quite interesting to see how all of the cryptocurrency markets will evolve in the near future. Although Bitcoin and most other top currencies are down a bit as of right now, the Stellar price is still going strong. Albeit the uptrend is pretty small, it seems this is the only top asset to effectively buck this bear trend.
STELLAR PRICE REMAINS IN THE GREEN
Given all of the negative pressure across the cryptocurrency industry, it is all the more surprising to see the Stellar price remain in the green. While that is a positive development as of right now, it remains to be seen how long this momentum can remain in place. After all, there is nothing preventing the Stellar price from dropping below $0.4 right now, even though there appears to be some positive market momentum to take note of.
To be more specific, the Stellar price currently sits at $0.449. That is a 3.52% increase over the past 24 hours. Keeping in mind how most of the top cryptocurrencies have dropped by a similar value in the past day, it seems safe to say there is a lot more interest in XLM compared to all other assets on the market. Assuming this trend remains in place, Stellar will have zero problems maintaining this level. However, the market can always turn bearish when people least expect it.
It is rather interesting to see how Stellar is the only currency in the top 10 effectively gaining on Bitcoin. More specifically, XLM has noted a 6.2% gain over Bitcoin in this regard. It seems this shift is the main reason why the Stellar price remains in the green, rather than follow the pattern of all other currencies. Gaining on Bitcoin when the world’s leading cryptocurrency is struggling is always a positive trend for alternative currencies.
With $136.44m in 24-hour trading volume, XLM is not exactly the most liquid asset in the top 10 right now. Even so, the volume is more than sufficient to keep the current Stellar price momentum going for some time to come. It will all heavily depend on how the Bitcoin price evolves in the future, although things are not looking all that great as of right now.
Unsurprisingly, Binance is leading the XLM trading volume with its BTC pair. Upbit comes in second place, although not too far behind. GOPAX is still in third place, even though it remains to be determined how long this exchange can hold on to that position. It is good to see some new names on these lists, though, but GOPAX remains a fairly unknown trading platform as of right now.
For the time being, it is a bit unclear what the future will hold for the Stellar price moving forward. Given the volatility visible across all cryptocurrencies and the bearish pressure coming with it, it seems safe to say we will see an XLM price decline sooner rather than later. If and when that bearish pressure will affect XLM, remains to be determined at this stage.