As is usually the case when Bitcoin loses value, altcoins and digital assets will follow a very similar path first and foremost. In the case of the Stellar price, its losses are starting to pile up rather quickly. Thanks to the latest setback, the XLM value has now dropped below $0.21 again and could go below $0.2 over the weekend.
Stellar Price Decline Accelerates
These are not the promising times many cryptocurrency investors, holders, and speculators had hoped for. The year 2018 has been very rough so far and the bearish pressure is not relenting in the slightest. This latest setback is fueled by another SEC ETF rejection, even though this was a predictable outcome. Even so, panic selling has ensued once again, and the markets are bleeding value as we speak.
For the Stellar price, things look anything but promising at this point in time. Its value continues to decline rather quickly, mainly because of Bitcoin’s ongoing struggles in the price department. Over the past 24 hours, the Stellar price has lost another 6.96%, although that may only be a sign of what is yet to come this weekend. Cryptocurrency is not the flourishing and attractive industry it was last year, that much is evident.
To make matters even worse, all altcoins and digital assets will lose value to Bitcoin as well. In the case of Stellar, the XLM/BTC ratio has decreased by 3.28% in the past 24 hours. This only pushes the Stellar price down even further, which seems to indicate this may not be the bottom just yet. A dip below $0.2 is not out of the question at this stage, unless Bitcoin miraculously recovers in the coming hours.
With all cryptocurrencies suffering from a dip in trading volume, it is only normal Stellar fails to escape this gravitational pull. In fact, its trading volume has dipped to just over $50.2m, which is far from impressive. It is insufficient to stop the current price decline, and may signal at another wave of bearish momentum to follow. With no real influx of fresh capital, things do not look good for the cryptocurrency industry as a whole.
Binance is the place to buy, sell, and trade XLM at this point in time. Its BTC and USDT pairs are ahead of BCEX’s BTC and CKUSD markets. CoinEgg adds another BTC market to the five, further confirming fiat currency support is non-existent in these top rankings. Upbit is the first fiat currency pair in the entire top 13, which doesn’t bode well for the future Stellar price momentum.
It is unclear how all cryptocurrency markets evolve in the coming hours and days. All signs point toward even more negative pressure, even though that is the last these markets need right now. For the Stellar price, it seems things will not necessarily improve anytime soon, although cryptocurrencies and digital assets remain unpredictable markets first and foremost. Anything can and eventually will happen in this industry.