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Stellar (XLM) Price Starts to Look Shaky Ahead of the Weekend

Cryptocurrency NewsJul 20, 2018 04:21AM ET
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Stellar (XLM) Price Starts to Look Shaky Ahead of the Weekend

Stellar (XLM) keeps showing strength after drifting for weeks, for a short spell reaching above $0.30. In the early hours of Friday, Binance trading showed a mix of upward bidding and selling, slowing down the rising trend. XLM has added a net 5% overnight, and traded near the $0.30 range, later retreating toward $0.29 as of 4:30 UTC. Later, the coin sank along with the rest of the market, retreating toward $0.28 within an hour.

https://twitter.com/StellarLumens/status/1019951880774901761

At the moment, XLM is still most actively traded against BTC, and the potential spike in BTC prices may continue to carry XLM forward. The share of Tether (USDT) has increased to 25.5%, coming from Binance trading.

!Stellar!

One of the biggest risks for XLM remains the concentration of activity to one exchange, where nearly 50% of trades are vulnerable to local bots and orders. Still, XLM has a small inflow of Korean Won trading that may mitigate the price effect of Binance.

The recent listing of XLM on KuCoin on July 16 did its share to boost volumes, but for now, trading remains very slim, and the major effect is the expectation that XLM may go on to be listed on Coinbase. Since Binance has a large share of US-based investors, interest in XLM ahead of a Coinbase listing is understandable.

https://twitter.com/hanucraft/status/1019373119700496384

The Stellar project is more interesting in its potential to become the open-source version of Ripple. There are a handful of Stellar-based ICOs, including the latest Ternio project, which has started distributing coins in the past month. But the number of Stellar-based tokens is low compared to Ethereum.

A recent negative view of the XLM asset is the expectation for inflation, as the coin adds 1 billion new XLM each year, and the supply would grow significantly in the coming 10 years. But in the short term, this trend does not affect the enthusiasm for XLM.


This article appeared first on Cryptovest
Stellar (XLM) Price Starts to Look Shaky Ahead of the Weekend
 

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