Stellar's price continues its descent

By Daniel Phillips

Following its dramatic recovery last week, Stellar (XLM) has once again slipped back into the red, falling back below $0.70 to reach $0.069 after recording losses of close to 1.5%.

Besides Binance Coin (BNB), Stellar is currently performing the worst out of the top 10 largest cryptocurrencies by market value—with most other major cryptocurrencies either down less than 1%, or are otherwise unmoved.

This is a complete reversal for Stellar, which just last week knocked Cardano (ADA) out of the number 10 spot to secure its position as the tenth largest cryptocurrency following last week's positive price action. It is now dangerously close to falling back into #11 position as Cardano records slight gains of 0.1%.

On the plus side, in the medium term, it is doing okay. Stellar is up more than 25% for the week, and 6.5% for the month, being one of the very few major cryptocurrencies to be in the green over these timescales. Just last week, Stellar showed the same growth explosive growth from its early years, exploding from $0.058 up to $0.087 over a period of two days—gaining an impressive 50%. However, it wasn't to last. Within a few days, it saw two-thirds of its recent gains deleted. But it showed that there's still life to the coin.

Looking at longer time frames, its price, however, isn't looking so rosy. Barring several periods of significant recovery, Stellar has been in drastic decline since January 2018, and has lost more than 92% of its value since then.

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