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:
🚀 $XLM #Stellar has continued its phenomenal month of April with social dominance and social volume continuing to surge as the crowd figures out whether its run can continue. It's up another 9.1% the past 24h, and 34.5% the past 30d. Check it yourself! https://t.co/5CUX9q8Cwg pic.twitter.com/hml6QjXm0Q— Santiment (@santimentfeed) April 27, 2020
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.