It was an awkward day for the cryptomarket yesterday due to the earlier positive momentum bottoming out and turning into a slight dip. Some investors became worried things would go astray for a brief time. However, in the cryptocurrency industry, things have a tendency to turn around pretty quickly. Yesterday’s dip already went back up in a quick succession, Stellar price shows.
The chart looks rather hopeful once again, due to this latest 15.47% gain in the past 24 hours. There’s a probability that there will be more upward momentum in the coming hours and days if the trend can be sustained for long. It is still a long way removed from the all-time high in late 2017, although a Stellar price of $0.42 is pretty big.
Another interesting fact is how the Stellar price has increased thanks to solid improvements over Bitcoin itself. XLM increased in USD value because of Bitcoin’s recovery and leading a bit over BTC itself similar to most altcoins which incline to rise in value. Therefore, the XLM/BTC ratio successfully gained 11.41% in the past 24 hours which shouldn’t be overlooked.
Stellar’s trading volume is anything but big, but the $219.57m seems to be sufficient to keep its positive momentum going temporarily. Although it is not the highest trading volume this currency has seen to date, it cannot be said that the numbers are so terrible. It remains important to record nine-figure numbers or better as the overall cryptocurrency trading volume falling again over the past few hours. Such goal will not be able to be achieved by every currency.
Binance is in the lead, ahead of Poloniex and Upbit as shown by at the exchanges ranked by XLM trading volume. Not too much fresh capital is inflowing the XLM ecosystem at this stage with just one fiat currency market in the top three, which is not necessarily a bad thing. However, it remains interesting to see how these things adjust in the coming hours. If all currencies improve over further, the weekend will be suspenseful.
It will be very difficult to predict whether or not the XLM price will grasp $0.5 over the weekend. Because of the volatile nature of all cryptocurrencies and digital assets, it will be dependent on how the Bitcoin price evolves in the next few days. If that projection remains positive, it seems normal the altcoins will benefit from the momentum. That can push the XLM price increase although reaching and maintaining $0.5 will be a major challenge.