Sundays are always interesting days for the cryptocurrency industry. Although it usually results in a fair amount of negative market pressure, this Sunday proves to be very different. The Stellar price continues to rise at an accelerated pace, as it continues a week-long uptrend without too many setbacks.
Stellar Price Peaks Above $0.215
Just a few days ago, it became apparent the Stellar price was on the right track. After a brief spell of continued upward momentum, the Stellar price maintained its value at $0.18 with relative ease. That trend has only continued ever since, as the XLM value is still rising as of right now. With a current price of $0.217, things are looking pretty good for this asset.
Over the past 24 hours, there has been another 9.4% Stellar price increase. That in itself is rather spectacular, even though it is mainly fueled by the current positive Bitcoin price trend. If Bitcoin was losing value, very few currencies would effectively see a value increase, but Stellar is doing quite well on its own. If this rate keeps up, it’s not unlikely to expect a Stellar price of $0.25 in a few days’ time.
As one would come to expect from this current Stellar price momentum, the current situation is facilitated by an increase in the XLM/BTC department. That trading ratio has seen a strong 7.14% increase over the past 24 hours, further indicating the demand to buy and sell XLM is rising as of right now. Whether or not that is effectively a sustainable long-term situation, is very difficult to predict at this time.
All of this positive Stellar price momentum is occurring despite very low overall trading volume. Although a volume of $47.58m is not bad by any means, it is virtually nothing compared to what one would expect based on the current Stellar momentum. Even so, it is more than sufficient to keep this trend going, albeit the situation may come to change in the coming days.
Similar to earlier this week, Binance is the leading exchange ranked by trading volume. Its BTC and USDT pairs generate over 38.7% of all trades. BCEX’s CKUSD pair is in third place, followed by two BTC pairs by CoinEgg and BCEX. All of these markets are quite interesting for the current XLM momentum, although there is not necessarily a lot of fresh capital entering the market.
Whether or not the Stellar price can continue to rise, is a very different matter. Sundays are very different days compared to the rest of the week, as they are not a correct representation of cryptocurrency market sentiment. Once things return to normal on Monday, the situation may look very different for XLM and all other markets.