The current cryptocurrency market momentum does not look overly promising by any means. Instead, there is a sea of red all across the board. Even the Stellar price is facing a very steep setback right now, as its USD value has dropped significantly over the past few hours. That dip only appears to be temporary, albeit things may get worse before improvements become apparent.
Stellar Price Momentum Sours
It is not entirely uncommon for altcoins, tokens, and digital assets to lose value when things look bleak for Bitcoin and Ethereum. In the case of Stellar, its XLM value is not going through a positive trend as of right now, albeit things may still improve in the near future. For the time being, the 6.6% loss will need to be absorbed first and foremost, and the worst may have yet to come in this regard.
This current dip represents a 6.6% loss in USD value, primarily driven by a 4.8% decline in the XLM/BTC ratio. It is evident Bitcoin drags all other assets and currencies with it once again, which means things will not necessarily improve until Bitcoin picks up momentum once again. For now, that seems rather unlikely, although stranger things have happened in the cryptocurrency world recently.
There is still plenty of excitement regarding the recent launch of StellarX. This decentralized exchange is based on Stellar’s technology and will prove additional liquidity to all tokens issued on this network as well. It is a big step forward for the ecosystem as a whole, although the platform is far from finalized at this stage
Additionally, it would appear a lot of people still have high hopes for the markets to rebound sooner rather than later. More specifically, LuckyCoins claims this is all part of an ongoing trend which notes gains, followed by similar losses to continue accumulating. If this is indeed the case, the Stellar price will undoubtedly see interesting action, albeit it remains to be seen how things evolve exactly.
10 days maximum before we breakout for the biggest bull run in history!!
We are following the standard pull back and rise pattern on the daily.
Higher lows proving the … pic.twitter.com/j8rfUi7o1r
— LUCKYCOINS (@luckycoins_io) October 3, 2018
There also appears to be some excitement surrounding FlipnPik. This new utility token will be issued on top of the Stellar platform and showcase the potential of this project’s technology. Although there is still some uncertainty as to how utility tokens issued on Stellar will fare exactly, this project will be quite telling in terms of gaining major traction.
The FlipNpik (FNP) is a utility token, distributed and identified on the Stellar Platform. The Flip Social is a reward system dedicated to stimulate and retain the users of the Platform
visit web site : https://t.co/gKdbEBSsCH #FlipNpik #FNP #Stellar #FlipNpikICO
— Airdrop & Bounty Hunter (@distorsiyon) October 3, 2018
Based on the current market circumstances surrounding Stellar, things do not look all that bad. Its trading volume is still in a good place, and the overall losses can seemingly be negated without too many problems. At the same time, a lot will depend on Bitcoin’s price changes, which do not look overly promising as of right now. The remainder of this week will be crucial for all markets, by the look of things.