Stellar's price movement today has been influenced by a broader cooling of bullish sentiment in the cryptocurrency market. This shift in sentiment comes in the wake of President Donald Trump's inauguration, which initially sparked optimism among crypto investors due to his promises of supportive policies. However, as the initial excitement wanes, major cryptocurrencies like Bitcoin and Ethereum have seen declines, with Bitcoin dropping about 5% and Ethereum down 3%. Stellar, often mirroring the movements of XRP, has similarly experienced a downturn, reflecting the overall market trend.
Adding to the pressure on Stellar, a recent analysis highlighted that major investors, or "whales," have been quietly accumulating Stellar, suggesting potential hidden developments or future growth prospects. Despite this, the immediate market reaction has been negative, possibly due to the broader market's volatility and the cooling sentiment. A popular crypto analyst, BLOCK BULL, noted that Stellar's price took a 7% hit amid this volatility, aligning with XRP's 6% drop, which is not unexpected given their historical price correlation.
Stellar's price has decreased by 0.43% today, settling at $0.439821, after reaching a high of $0.444631 earlier.