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What a chaotic week. Coins have been dripping in red with hints of green only to hit red again. In this, explore whether the Stellar protocol has survived the madness.
This time a month ago, Stellar was sitting as the sixth most valued cryptocurrency by market cap and was trading at a value of $0.245073 USD. In October, it was totaling a market cap of $4,630,271,121 USD.
Moving ahead to the present, Stellar has moved up to rank five most valuable cryptocurrency and is trading for $0.199462 USD, with a total market cap of $3,819,675,093 USD.
This means that the network has lost 18.6% of its trading value over the past month, while its market cap has similarly diminished by approximately 17.5%.
Looking at the charts, we can see that there was a sharp spike at the beginning of November, and although it was followed by a rapid downward, the trend seemed positive for two weeks until the market boat was rocked. Hard. On the 12th of November, Stellar was selling for $0.2831 USD – the peak of the month – and shortly thereafter, the prices kept slipping. Although the markets have seemed to stop declining now, Stellar is still facing red.
The token is currently trading at a 0.67% decline in day-on-day values. If the rest of the market can hold out and maintain a positive trajectory, it is likely that Stellar will follow. Here’s hoping black Friday tomorrow might yield some green.