Stellar Crypto Price More Than Doubled In a Month

XLM is in a positive correlation with Bitcoin and sees massive gains before BTC halving.

Bitcoin recovered since the cryptocurrency market crash on March 12th. So does Stellar, the crypto whose price correlates strongly with the leading digital currency. Furthermore, the Stellar just shot to the sky during the last month.

Stellar Lumens (XLM) is one of the smaller altcoins, ranked 11 by CoinMarketCap, the leading crypto data provider recently acquired by crypto giant Binance. Despite the fact, Stellar is the coin that showed an impressive 75% growth since the beginning of the year.

The XLM price went down together with the whole crypto market during the Black Thursday on March 12th. The coin’s price even dropped to its all-time-lows of $0.033 on March 16th. However, Stellar recovered quite soon and is now trading at around $0.069 at a publishing time. The recovery marks more than a double growth within a bit more than a month.

The reasons behind Stellar price growth

Even though experts have no unanimous answer to why there was a sudden increase in Stellar crypto price, there still are some theories. One of them might be a positive growth trend. Those, who follow technical analysis see this and jumps into Stellar, claim crypto analytics Santiment:

Meanwhile, the fundamental reason behind the increase in XLM price stays not so clear. Some speculations are, this might be caused by good news from Stellar. It is known that developers plan to introduce a new method for regaining access to Stellar accounts after the private key is lost.

However, the more realistic argument might be Stellar’s positive correlation with Bitcoin (BTC). While the world’s leading cryptocurrency is rallying before its third halving on March 11th, XLM price mirrors the view and also shows massive gains.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia