Stellar Price: Great profits limit Solid Week
Sundays are always interesting days for the cryptocurrency industry. Although there is usually a considerable negative market pressure, this Sunday turns out to be very different. The Stellar price continues to accelerate as it continues a week-long uptrend without too many setbacks.
Stellar Price Peaks over $ 0.215
A few days ago it became clear that the Stellar price was on the right track. After a brief period of sustained upward momentum, the Stellar price was relatively light at $ 0.18. This trend has continued ever since, with the XLM still rising. With a current price of $ 0.217, it looks pretty good for this asset.
In the last 24 hours there was another 9.4% Stellar price increase. This is spectacular in itself, although it is mainly driven by the current positive Bitcoin price trend. If Bitcoin lost value, very few currencies would effectively see value added, but Stellar is fine on its own. If this rate holds, it is not unlikely that a Stellar price of $ 0.25 is expected in a few days.
As expected from this momentary price momentum, the current situation is facilitated by an increase in the XLM / BTC division. This trade margin has gone up by 7.14% in the last 24 hours, suggesting that the demand for buying and selling XLM is currently increasing. Whether this is a sustainable long-term situation or not is very difficult to predict at this time.
Stellar’s positive price momentum is despite a very low trading volume overall. Although a $ 47.58 million volume is by no means bad, it’s practically nothing compared to what you would expect given the current Stellar momentum. Nevertheless, it is more than sufficient to maintain this trend, even if the situation could change over the next few days.
Similar to the beginning of this week, Binance is the leading trading volume. His BTC and USDT pairs generate over 38.7% of all trades. BCEX’s CKUSD pair is third, followed by two CoinEgg and BCEX BTC pairs. All these markets are very interesting for the current XLM momentum, although not necessarily a lot of fresh capital comes on the market.
Whether the Stellar price can continue to rise is a completely different matter. Sundays are very different days compared to the rest of the week as they are not a correct representation of the market sentiment of the cryptocurrency. When things return to normal on Monday, the situation for XLM and all other markets may look very different.
Kraken Daily Market Report for 14.07.2018
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