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Stellar Is Down By 6%, Market Proving Too Volatile To Rally Anytime Soon

16 december 2018, 00:58 by John Kiguru

Stellar Is Down By 6%, Market Proving Too Volatile To Rally Anytime Soon

For the second week in a row, the market has ended in a shade of red. Like clockwork, the last two weeks have seen the market start strong in the green zone but has, in the end, tuned out differently. The high volatility keeps hitting the bulls every time they attempt a recovery and every time the price is being dragged down. Friday’s drop saw major coins extend their drops in the ranges of 3% to 10%.

Bitcoin has extended its drop and is now trading below $3,400, XRP has slipped below $0.30 and Ethereum is on edge of dropping below $85. Put together, the total market cap has dipped below $105 billion.

One of the day's greatest losers is Stellar XLM which is down by 6%. At the time of press, Stellar is trading for a little over $0.10 with a market cap of just over $2 billion. At the start of the week, the coin was trading for over $0.12 with a market cap of just over $2.3 billion, it was by every indication looking like it was going to be a good week for the coin.

In the top 20 cryptocurrencies, only Bitcoin Cash has incurred a greater loss. Bitcoin Cash is at the time of press down by 12% and at the rate the coin is dropping looks poised for overtaking by Litecoin. If successful, this could be the third coin that overtakes Bitcoin Cash in 2 months after EOS and Stellar.

For the last couple of weeks, Stellar has been riding on a couple of positive news including its historic airdrop, possible listing on Coinbase and its doubling of active users. Although a price correction was anticipated, the drop has been long extended.

If the market is to go through the same pattern as last week, we should see prices bounce back over the weekend and soar on as we go into the coming week.

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