Not too many cryptocurrencies are doing all that well right now. In fact, there is a growing sea of red across Bitcoin and all altcoins, and it seems there will be no real improvement in sight whatsoever. The XLM price while it initially looked relatively stable, is also feeling the pressure. It has dipped below $0.2 for the first time in a while and it appears the losses will continue to pile up throughout the night.
XLM Price Follows XRP’s Downtrend
Although most cryptocurrency and digital asset speculators would rather ignore the obvious correlations between XRP and XLM, it has become more than apparent their price movements are virtually identical, If either of these assets begins to gain value, the other one usually isn’t too far behind. The same goes for the losses, as both XRP and XLM looked relatively stable this morning.
In the past few hours, however, there have been significant losses for XLM in both the USD and BTC department. It is down by over 14% in USD value, yet just 3.5% in BTC value. This latter aspect has become more apparent across all markets, as currencies and assets have begun to recover losses against Bitcoin itself.
Looking across Twitter, it appears there are still some positive developments taking place behind the scenes of XLM. The currency can now be traded on the BitOasis exchange. This is one of the bigger trading platforms in the United Arab Emirates, which can introduce a lot of liquidity for XLM over the coming months. More exposure is always a good sign, regardless of how the current market trend may look.
— Stellar Reddit (@RedditStellar) November 20, 2018
There are plenty of people who still have high hopes for Bitcoin and other currencies. There is no reason to despair whatsoever, even though the current market trend is impossible to ignore. There is more to this industry than just Bitcoin or Ethereum, and XLM is one of those assets no one should overlook.
— Marc Slaats (@MarcSlaats47) November 20, 2018
Michael is also keeping a close eye on all markets, albeit in a different manner. He shorted Bitcoin successfully fro $5,500 down, and has since shorted all holdings into XLM. Putting all eggs in one basket is always a risky play, but given XLM’s relatively price stability in BTC value, it makes for an appealing option.
That was a spot on tweet…
I posted my initial short position at $5500 ten minutes before the first leg down
TP2: 4400 was reached ✔️
Note: I am still not a financial advisor
— Michael (@MAWAN1211) November 20, 2018
All of this seems to indicate there should be an XLM price bounce in the near future. When that will happen exactly, may very well hinge on what Bitcoin does in the coming days. Right now, there is no price stability to be found, which makes a lot of traders and speculators very nervous. At the same time, this is by far the most opportune time to buy cryptocurrencies and digital assets, given these low prices.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.