Although it has yet to overtake Ripple, Jed McCaleb’s Stellar has performed respectably in its first several months. The payment gateway’s native currency has consistently remained in the top-twenty on the market cap charts. However, the stellar price has not been living up to its name over the past couple weeks.
Stellar Price Reaches Three-Week Low
On October 9, the stellar price fell to 662 satoshis, which marked a three-week low for Ripple co-founder Jed McCaleb’s latest altcoin project. As recently as September 29, the stellar price was 857 satoshis. On September 30, the stellar price began to decline. By October 1, the stellar price had fallen to 747 satoshis. It declined a bit over the next few days, reaching 724 satoshis on October 4.
From October 5-6, the stellar price rebounded to 778 satoshis, but the brief recovery would not last. October 7 brought a 47 satoshis drop, followed by a 34 satoshi drop to 697 the next day. On October 9, the stellar price fell another 35 satoshis, reaching its current price of 662. In the past two weeks, the stellar price has fallen a total of 23%.
The stellar price decline has reduced the coin’s market cap to $3,156,789, which ranks stellar fifteenth among all cryptocurrencies.
Stellar places sixth on CoinGecko’s comprehensive metric ranking charts, achieving an especially high developer activity score. Generally, this disparity between market cap and metric score bodes well for the future prospects of a coin price. However, potential stellar investors should keep in mind that while Stellar’s widespread coin giveaway served as a great promotion for the new coin, it also created built-in sell pressure. Many stellar holders got their coins for free and are just looking to make a quick profit once the coin reaches a particular price point. This may suppress the price in the short-term.
Disclosure: The author is paid in and holds investments in bitcoin. He has 10,400 stellars, which he received in the initial distribution giveaway. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
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