It’s not just Stellar (XLM) that’s plunging today – it’s also this cryptocurrency’s main rivals on the market that are having terrible days on the exchanges. Ethereum (ETH), for instance, is down 19%, while EOS (EOS) and NEO (NEO) are down 18% and 23%, respectively.
It would appear that all of the highest-valued smart contract-enabling platforms are not getting much love from investors for the time being.
The Stellar price journey has come full circle
If you just take a look at the price chart for Stellar Lumens, which is the technical name for this cryptocurrency, you can see that we are in a very similar place: exactly where the price of XLM was before December’s infamous market-wide surge. Remember those days? It was when the Winklevoss twins became Bitcoin billionaires and almost all crypto coins out there experienced a meteoric rise.
Well, as we all know by now, that surge quickly came crashing back down – and we have been on a gradual decline for the past two months or so. Most coins are nearing where they were before the boost.
Lumens are included in that group – right now it’s trading at about 17 cents. That’s a level it hasn’t seen since mid-December. The circle from the surge is almost complete.
The market, including Stellar (XLM) still doesn’t look good
As much as each cryptocurrency “enthusiast,” analyst, and investor on the internet has been claiming that this endless dip is about to turn around – it still probably isn’t. There are still a bunch of regulatory hurdles, and the worldwide governmental opinion toward crypto – while evolving – isn’t showing signs of making massive progress in the short term.
As for Stellar (XLM), specifically, we haven’t seen much movement so far in 2018. It’s been nearly three months, and there haven’t really been updates on their progress as it relates to their roadmap for this year. When is the Stellar Decentralized Exchange (SDEX) coming? What’s the timeline for Lightning Network implementation?
Fans of this crypto coin are getting a little impatient – and with platform launches like EOS (EOS) on the very close horizon, XLM really has to compete. How many “Ethereum killers” can really survive in this market?
It looks like Lumens has a bit more falling to do before any sort of massive good news will spark a bounce back.
XLM fans, don’t worry – there are some good signs that show this technology’s potential. Some ICOs are publicly moving from the Ethereum blockchain to this one, and there was that whole Keybase partnership announcement. But, apart from that, this coin’s price tag is shrinking by the day and it looks Lumens investors are at the mercy of external market forces.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.