Stellar price rises by 102 percent, XLM becomes top coin
The Stellar price is up 102 percent in the weekly trend. XLM is thus becoming the current top coin among the 100 largest cryptocurrencies. Why the project is suddenly experiencing massive profits without any significant change.
Stellar price rises by 102 percent, XLM becomes top coin
The euphoria surrounding Stellar (XLM) is currently enormous. The Stellar price had already risen by 102 percent in the weekly trend by the time of going to press. As a result, XLM is trading at 0.49 US dollars and is in 13th place among the largest cryptocurrencies in terms of market capitalization.
Among the 100 largest projects on the market, no other cryptocurrency managed to achieve such strong gains over the last seven days. These price gains are particularly noteworthy for several reasons.
The crypto bull market slowed down as Bitcoin made slow progress. Although BTC reached a price of $99,650, Bitcoin has not yet been able to break the magic $100,000 mark.
In the weekly trend, BTC is only up 4.70 percent. Usually, a stagnation of the Bitcoin price during a bullish phase leads to investors turning away. Altcoins then explode.
Memecoins are usually particularly successful. However, Stellar (XLM) is not a memecoin. Stellar is a smart contract platform that has been on the market since 2014. The project therefore competes with blockchains such as Ethereum .
Such cryptocurrencies are usually not as attractive to bullish speculators as memecoins, whose value does not require serious evaluation.
In addition, Stellar’s future in the crypto scene is considered questionable. XLM reached its all-time high in January 2018. Critics expect the project to slowly die. At the beginning of 2021, Stellar reared up again – the cryptocurrency can now repeat this development.
“Stellar spent three and a half years in a downtrend but only needed three weeks to fully recover,” crypto analyst Zen wrote about X.
Why is Stellar (XLM) rising right now?
The only question is: What is causing the massive growth in Stellar? Why is Stellar (XLM) rising right now? Neither a technical change nor bullish news seems to be triggering the rush.
Instead, an organic but irrational trend is forming. The massive price gains then in turn lead to investments by new investors. It is widely believed among Stellar investors that speculation in futures initially led to a sudden increase in demand.
Jed McCaleb , co-founder of Stellar, took advantage of the newfound attention to describe the purpose of the blockchain on X. His post received a lot of positive feedback. He describes Stellar as a blockchain that is technically better adapted for meaningful purposes than comparable projects.
