Stellar (XLM): Indifferent Week Dents The Push For $1
Stellar (XLM) is a project that has been lauded for its blockchain technology applications in the money remittance and payments industry. Stellar is in the top 10, ranked 8th with a market cap of $8.12 billion. The XLM coin has traded $164.5 million worth of Lumens in the last 24 hours.
Even though the crypto has gained about 15% over the last 7 days, its +4% change in the past 24-hour period is better than the top four which are trading in the red at the moment.
Therefore, the most pressing question about Stellar (XLM) as it stages a recovery is whether there’s enough support to see it get $1 sooner. At this point, the bulls must literally take it by the horns and push the crypto to a new support level.
For the project to get back to the double-digit gains seen the previous week, an injection of good news will be very vital. It isn’t all bad for the crypto, but more is expected from the upcoming Dubai Blockchain and Fintech meet up. If a major announcement were to be made during the event, then getting to that elusive $1 dollar.
The Stellar network is among those platforms whose speed and extremely low fees will eventually combine with other features to make it edge ahead of its peers.
In addition, Stellar’s decentralized trading may give it a lot of advantages against peers. Most traditional exchanges still users to use private keys, exposing them to threats of hacks.
However, utilizing SDEX, users can trade by broadcasting their offers to the XLM network. It makes trading become peer-to-peer and improves security.
This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your own research and/or consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.