After a few rough days, it seems cryptocurrency markets are slowly recovering. Although there is no reason to think we are out of the woods just yet, things are slowly heading back in the right direction. The Stellar price, for example, has surged by 16.94% over the past 24 hours, which is pretty impressive. With the Stellar price moving back above $0.50, it will be interesting to see if this digital asset can effectively reach a value of $1 in the coming weeks and months.
STELLAR PRICE IS ON TRACK AGAIN
The past week has not been all that interesting for most cryptocurrency enthusiasts. More specifically, all markets have taken a serious beating over the past few days, and it seems there is still sufficient volatility to continue down this path. In the case of the Stellar price, we have seen the value ping-pong between $0.315 and $0.543. For speculators, this has increased their chance of making a lot of money very quickly, but it is evident there are a lot of risks associated with this approach right now.
With the Stellar price noting an impressive 46.94% gain over the past 24 hours, it is evident things will only improve from here on out. Even though the markets are still subject to major volatility in many different ways, we may see some interesting changes over the next few days and weeks. Some Stellar price speculators would like to see this asset reach a value of $1 in the near future, but that may prove to be rather difficult given the current market conditions. Nothing is impossible cryptocurrency, though, but there’s no reason to get ahead of ourselves either.
It is also worth noting the Stellar price has increased by 12.77% in Bitcoin value. Even though Bitcoin itself is going up in value ever so slightly, it seems to confirm some assets and altcoins want to decouple themselves from the BTC market first and foremost. If that could effectively come true, things will get very interesting for a lot of currencies very quickly. For the Stellar price, it could even result in reaching $1 a lot sooner than people might think.
With $307.5m in 24-hour trading volume, it is evident Stellar is not in high demand right now. Even so, this digital asset has appreciated in value rather nicely, which confirms there is a genuine demand to buy XLM first and foremost. If this demand keeps up, we will see a future Stellar price increase before long. Right now, most investors and speculators are rather hesitant to explore new markets, and it will take some time until things go back to normal in this regard.
The majority of Stellar trading volume comes from the Upbit exchange. More specifically, it generated $153.82m in volume, which is well ahead of Binance’s $38.285m. Bittrex is in third place, which is a rather interesting surprise. There is no fiat currency market for Stellar to speak of, even though exchanges such as Kraken do support both USD and EUR trading for XLM right now. It seems there isn’t much interest in pursuing these options right now, though, but things can always change in the coming hours and days.
For the time being, it is a bit unclear what direction the Stellar price will head in. More specifically, it seems there is some positive momentum in place right now, but it seems doubtful the Stellar price will surpass $0.65 anytime soon. With a sufficient influx of new money in the cryptocurrency ecosystem, however, such changes can occur a lot quicker than people expect. For now, it is best to take small profits whenever the opportunity arises, as the market volatility is far from over. It is not unlikely the total market cap will drop below $500bn in the coming days.
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