There might be hope on the horizon for Stellar Lumens despite 6.79% week’s low.
While ETH has experienced a 15.76% rise in price this week, Stellar Lumens has experienced a 6.79% dip. In the early hours of today’s trading session, Ether crossed $800 but was unable to hold the value for long. The price went down to $778.85 within no time.
From the first of May to this day, the price of Ether has increased steadily against the USD.
Ethereum’s Recent Price Rise and Fall
Last week, the price of Ether surged as Vitalik Buterin announced that the sharding project was nearing completion. Sharding is a protocol that will help speed up the transaction capabilities of the Ethereum Blockchain.
However, the downward trend on the chart today can be attributed to the fact that Ethereum is currently under regulatory scrutiny. The SEC and the CFTC will hold a meeting to decide the fate of Ethereum. After the report is released, the public will know whether Ether is formally regarded as a security or something else.
What Industry Analysts Have to Say About Ether
Co-founder of Reddit, Alexis Ohanian, predicted that Ether would go as high as $1,500 before the end of the year. He also said that Bitcoin would sell as high as $20,000, but he considers Ether a better bet.
In his words:
“I believe Bitcoin is a good store of value. I hold some of my Bitcoin for that reason. However, I am bullish about Ether because a lot of people are building on it. By the end of this year, Ether will sell at $1, 500 while Bitcoin will sell at $20,000.
The Fate of XLM
Within the last 24 hours, XLM has suffered a 4.28% dip in price. The 8th largest cryptocurrency in the market as per market capitalisation is tradable on various exchanges including UpBit, Binance, OKEx, and, BCEX.
The price of Stellar’s coin has been on a downslope for a while now. Investors believed that Bitfinex’s plans to add Stellar to its list of tradable currencies would improve its value, but this didn’t have any positive effect on the price of XLM.
No one knows what the future holds for cryptocurrencies as they are highly speculative.