With all of the cryptocurrency markets in another interesting situation, it remains to be seen how things will evolve. While most of the markets are in the green once again, it will be interesting to see how long this momentum will remain in place. For the time being, the Stellar price is showing solid momentum, which is interesting to keep an eye on.
Stellar Price Momentum Remains Modest
Even though people have high hopes for the remainder of 2018, the cryptocurrency markets are not necessarily showing much momentum as of right now. That situation will always be subject to change first and foremost, although the Stellar price shows some positive momentum as of right now. More specifically, its value has gone up by 3.11% over the past 24 hours, which is fairly positive, all things considered.
Thanks to this mediocre gain, the Stellar price has risen above the $0.3 mark once again. It is only the second time in the past week the Stellar price has surpassed the $0.3 mark, but it is still a pretty interesting trend regardless. Compared to the volatility over the past week, it remains surprising to see things head in this direction, although the gains may not necessarily remain in place for much longer.
There is also an interesting change in the XLM/BTC ratio. More specifically, the Stellar price is on the rise thanks to solid gains over Bitcoin, although a 1.95% change isn’t necessarily all that spectacular either. Even so, it is a positive trend for this particular altcoin. It may turn out the beginning of a long-term uptrend, albeit it is still too early to say for sure.
With $54.129m in 24-hour trading volume, Stellar may run into a negative market trend sooner rather than later. To put this into perspective, the volume is anything but spectacular, and it won’t take much money to swing the Stellar price in either direction. Whether or not that will effectively happen, remains to be determined, but the current situation makes for some interesting options moving forward.
Despite this low trading volume, it seems Binance and BCEX have a firm control over the XLM trading market. Both platforms have their BTC pairs in the top five, and Binance also has its USDT pair in there. BCEX, on the other hand, uses a CKUSD trading pair, which is rather remarkable. OKEx’s BTC pair comes in fifth place, which is only to be expected from this particular platform. Since none of these markets generate any spectacular volume, it will be interesting to see what the coming hours will bring.
As is always the case in the cryptocurrency industry, there are no guarantees whatsoever. For the Stellar price, it seems the momentum may remain in place, although maintaining the $0.3 price level will pose a fair few challenges. As long as the Bitcoin price doesn’t decline in spectacular fashion, there is no reason to expect any major Stellar price changes in the coming hours.