It remains to be seen if and when the cryptocurrency markets will see some positive momentum. For the time being, it seems things are not looking all that great. All cryptocurrencies continue to lose a lot of value every single hour. The Stellar price is the first one to deal with a decline of 5% or more in the past 24 hours.
Stellar Price Continues to Decline
It is not entirely surprising to see the Stellar price face a setback at this time. As long as the Bitcoin value remains in the dirt, most altcoins and asset swill see their fair share of setbacks as well. So far, things are not looking all that great, but the situation can still change at any given moment. For Stellar price watchers, today will be a day to forget about rather quickly, unfortunately.
Over the past 24 hours, the Stellar price has suffered from another 5% decline. That in itself is a major decline compared to how other currencies are faring as of right now. Even so, it is not entirely surprising to see altcoins go in the deep red while Bitcoin is still doing relatively fine. Although its decline is not something to be happy about either, it is far less steep than what is happening to the Stellar price right now.
Speaking of Bitcoin, Stellar is losing ground in the XLM/BTC ratio over the past few hours. There has been another 1.86% setback, which explains why the Stellar price is losing so much ground in USD value. Combining the USD setback because of Bitcoin’s decline with the loss in the XLM/BTC ratio paves the way for further declines.
To make things even worse, there is far less Stellar trading volume than most people would be comfortable with at this point. Even though all markets have seen a decline in volume all week long, Stellar’s 24-hour trading has dropped to just over $32.5m. It is far from an impressive number, and another reason as to why the Stellar price is not finding any stable ground.
Despite the declining XLM trading volume, Binance is still in firm control of the market. Its BTC and USDT pairs are currently generating over 46% of all trades combined. CoinEgg’s BTC pair doesn’t even come close, but it holds on to the third place regardless. BCEX’s CKUSD market and Exrates’ BTC pair complete the top five for Stellar right now. It is a bit surprising to not see OKEx on this list, but that is bound to happen every now and then.
The big question is how low the Stellar price will go in the coming hours and days. If the current momentum is any indication, things will not improve all that much tomorrow or during the weekend. A dip below $0.18 isn’t exactly catastrophic for the Stellar price, yet it will put a lot of short-term pressure on the market. More volatility is the last thing the cryptocurrency industry needs right now.