• XLM has maintained an overall bullish bias while other coins have seen a slowdown.
• XLM saw strong performance due to Stellar’s USDC plans, reaching its highest peak since May 2022.
• Social dominance and daily trading volume have surged in the last two days, creating more attention for XLM.
Why Stellar’s Latest Development Could Put XLM Back on the Investor Radar
Most of the cryptocurrencies in the market didn’t show major moves as of 19 July. However, XLM begged to differ as this latest development put it in a position of power.
XLM Bulls Deliver Strong Performance
XLM was off to a great start at in Q1 during which it rallied by over 60%. Unfortunately for the bulls, it gave up those gains in Q2. However, the bulls came back strong since the second half of June and have so far rallied to price levels last seen in May 2022.
XRP Tops List Of Mid-Week Gainers
At press time, most top cryptocurrencies weren’t bullish, hence there stood a significant chance that XLM will revert to being correlated with Bitcoin. XLM exchanged hands at $0.159 at press time which was a bit of a pullback from the $0.196 peak on 13 July.
Can XLM Sustain The Current Levels?
We should not rule out chances of more upside or sustained levels especially when considering one of the main reasons for current excitement: The Stellar blockchain is currently at forefront of digital asset movement.
Overall ,XLMs recent performance has been impressive and could be attributed to growing confidence as Stellars future becomes brighter .It remains to be seen whether this trend continues or if it reverts back to being correlated with Bitcoin again .