Stellar (XLM) Soars 300% in 24 Hours: Is This The Next Crypto Boom?

Von | 28. Juni 2023

• Stellar (XLM) recorded a 300% spike in 24 hours, boosting its traded volume and open interest.
• Increased traded volume and open interest drove XLM’s price breakout.
• Stellar Foundation’s progress in smart contracts and CBDC market benefits the $5B XLM market.

Stellar (XLM) Records 300% Spike In 24 Hours

Stellar (XLM) recorded a sharp uptick in daily traded volume on Wednesday amidst the macro crypto downturns, gaining more than 30 percent in the past two weeks to trade around $0.102 on Wednesday. The recent XLM price breakout is largely attributed to the increased traded volume and open interest which spiked to a three-month high of about $40 million, with its daily traded volume increasing by 321 percent in the past 24 hours to around $213 million.

Benefits From Smart Contracts And CBDC Market

The $5 billion valued XLM market has significantly benefited from the smart contract development being made by Stellar Foundation. Furthermore, the Stellar organization has made significant gains in the stablecoins and CBDC market, which is expected to control a huge portion of the digital market.

Price Analysis Of XLM

The stellar lumens turned bullish after rebounding from March low and now seem rejuvenated to revisit this year’s ATH around 11 cents. If the XLM price rallies beyond prior highs, it can open up a macro bullish outlook towards $0.17 where next major resistance level will be found. Notably, XLM price has followed XRP price actions but correlation has reduced recently as XRP is weighed down by ongoing lawsuit while XLM making crucial fundamental progress.

Is This The Next Big Thing In Crypto?

The surge of Stellar (XLM) amidst crypto downturn shows great potential for its future success although it remains uncertain if this could be considered as “the next big thing” in crypto world or not yet! So far its progress into smart contracts and CBDC markets have brought new hopes for investors interested in this asset class but only time will tell if these investments do pay off long term or not!

Risk Management In Cryptocurrency Market

It is important for investors to understand that despite positive developments there are still some risks associated with investing into cryptocurrencies like XLM especially when it comes to risk management strategies used by traders and investors alike to minimize their losses while maximizing returns from volatile assets like cryptocurrencies which may experience sudden jumps or drops due their decentralized nature!