The price of Stellar (XLM) has skyrocketed in recent days. For a long time, the altcoin seemed to make little movement, with its price fluctuating between $0.08 and $0.12 since April. However, since November 11, XLM has embarked on a parabolic rally. The price climbed from $0.11 to a current level of $0.52, an increase of a whopping 370% in just two weeks. What is driving this price increase, and can XLM grow even further?
The success of the past few weeks has pushed XLM’s total market value back above $15 billion, making it the 13th largest coin by market value. Despite this impressive bull rally, the altcoin is still almost 40% below its all-time high of $0.87, which was reached in January 2018.
Why is Stellar rising so fast?
XLM is currently one of the best performing altcoins on the market. However, there doesn’t seem to be any immediate news that explains the recent price increase. Stellar may benefit from months of undervaluation. With the Bitcoin (BTC) price at all-time highs and approaching the $100,000 mark, investors are also turning their attention to major altcoin projects like Stellar.
Other altcoins, such as Cardano (ADA), XRP and Dogecoin (DOGE), have seen similar rallies in recent weeks. This suggests that the current bullish sentiment in the crypto market is broader than just Bitcoin.
How far can XLM rise?
The optimism in the crypto market does not appear to be diminishing anytime soon. Analysts expect that further increases in the Bitcoin price could further boost the prices of altcoins, including Stellar. If Bitcoin manages to climb above $100,000, it could spark another rally for XLM. An important level to watch is the strong resistance at $0.65.
Temporary promotion: receive €25 free at Bitvavo
To celebrate the price increase, the Dutch crypto exchange Bitvavo is offering an exclusive promotion in collaboration with Newsbit: all new customers temporarily receive €25 free when they create an account via the button below and deposit €20.
Claim your €25 free and create an account with Bitvavo
Don’t miss this opportunity to benefit directly from Bitcoin’s growing popularity!
Source: https://newsbit.nl/xlm-koers-explodeert-wat-is-er-aan-de-hand/
