Stellar, the cryptocurrency founded by the creator of Ripple, has an uncertain future, but CryptoDaily believes that the currency may see great success this coming year due to its current position and anticipated trajectory.
The Rise of Stellar
It’s currently a great time to invest in Stellar, according to CryptoDaily. The news outlet reports that the currency has been going through a “cup and handle formation,” referring to the price rise and fall (creating the cup) before the price break out that creates the handle. Cryptodaily suggests that the point at the beginning of the Stellar price jump may be the best time to put money into the currency, and experts believe that the value may soon start to spike. It’s obviously important to only invest money in cryptocurrency that you can afford to lose, and it’s the same with Stellar, but the price does have the potential to continue to climb.
Those who study cryptocurrency trajectories and market trends believe that Stellar may be the new breakout currency, soon coming close to matching Ripple’s status as one of the biggest cryptocurrencies in the world. The main driving factor behind Stellar’s price outside of the basic supply and demand that drives the value of all cryptocurrencies is the wide community support. The investors are literally and figuratively invested in the currency, which has the potential to bump the price up and make Stellar one of the most competitive currencies worldwide.
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The company that created Ripple is also behind Stellar, as mentioned above, and this experience and backing of a corporation may make all the difference when it comes to helping the currency succeed. Unlike Bitcoin and the majority of other cryptocurrencies, there’s an entity behind Stellar that has a modicum of control over the path of the control. With reports that Ripple is in talks with banks and the traditional financial community, it’s possible that Ripple (and Stellar) will succeed while other currencies fall to the wayside due to their willingness to cooperate with the established financial system.
The Cryptocurrency Conundrum
Cryptocurrency as a whole has been an unprecedented development. As an opportunity for the average person to get involved in investing, Bitcoin and the other virtual coins offer an anonymous and secure way to transfer money. The value of these currencies, however, is all over the map. From a meteoric high in late December, the market crashed across the boards – reducing the price of Bitcoin by almost 50%. This drop was largely due to hesitance from governments and other more traditional financial systems when it came to embracing cryptocurrency. A recent leaked document from China suggests that the country will soon be taxing cryptocurrency miners at a higher rate – adding another blow to Bitcoin’s standing in the country after the closing of several exchanges and the banning of Initial Coin offerings. Israel and South Korea have also expressed their distaste for cryptocurrency, citing volatility and anonymity as their chief concerns.
While Stellar has dealt with its own fluctuations just like the rest of cryptocurrencies, there is a possibility that the price will continue to rise. With competitor Ripple having increased rapidly over 2017, it’s possible that Stellar will do the same moving into 2018. Increased regulation and the sea of rumors regarding the future of cryptocurrency will no doubt have an effect on its trajectory, but experts feel that this downturn is not the end of the cryptocurrency craze. While it can’t be guaranteed, with the current low prices, investing in Stellar has may have the potential for profits.
The company behind Stellar prides themselves on being scalable, secure, and adaptable. Cryptodaily suggests that if you’re looking to get in on the ground level with an up and coming cryptocurrency, Stellar may be worth taking a chance on. There will certainly be highs and lows, as with any currency, however, and it’s important to keep that in mind.
Invest at your own risk, considering the fact that the price may go either way. Cryptodaily believes, however, that Stellar has the potential for growth despite the market’s volatility.