If you thought bitcoin wasn’t doing well as of late, just look at some of its main competitors, specifically Stellar. The currency has fallen greatly since it peaked in early 2018, but then jumped back up during today’s early morning hours – only to drop back down a few moments later.
Stellar Is Flailing at Press Time
It’s another classic case of a cryptocurrency that doesn’t seem to know what it wants to do. Bitcoin enthusiasts have been seeing this quite a bit over the past few months. Bitcoin rose beyond $10,000 and then jumped into the $13,000 range, only to fall back down quickly and hover near $10,200 without moving much this past week.
At the same time, many people watching bitcoin’s behavior are probably still thinking to themselves, “Well, at least it’s not as bad as 2018.”
For Stellar fans, the same cannot be said. That was the year when the currency was doing well. At a time when all other forms of mainstream crypto were falling, Stellar was hitting the big time. Earlier today, Stellar expanded by more than 30 percent within the space of just a few hours. Unfortunately, things didn’t last long, as the currency went back down to its previous price a few minutes later.
While the currency is still up by nearly 40 percent from its record low of five cents per unit, the currency has fallen back big time, and no reason has been given for this strange and unanticipated behavior. Stellar has fallen by roughly 91 percent since achieving its all-time high status, but for the most part, it hasn’t experienced rises the way other currencies have. Bitcoin, as already mentioned, has experienced some solid runs this year following its jump to $5,000 per unit in April.
Other altcoins, such as Ethereum, are also experiencing small bull runs here and there, and one ether token is trading for just shy of $200. One of the reasons for the behavior behind Stellar could be, according to people on Twitter, that someone potentially bought a huge amount of the currency and then immediately sold it. This could potentially cause a massive swing in a currency’s price, but Twitter bots have not suggested any large transactions taking place.
Altcoins May Be Getting Their Due
Still, however, analyst at e-Toro Mati Greenspan acknowledges that now may be the time for altcoins, as bitcoin’s price is experiencing its lowest volatility in some time. He comments:
Looking at the crypto markets right now, it’s plain to see that bitcoin has not been extremely stable. It seems that while bitcoin’s performance is lagging, some of the altcoins have been zooming. To me, it seems like it’s still a bit early to be calling this an alt-season, but it certainly has the potential to turn into one.