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XLM (Stellar) rose 12.10% in 24 hours
Gate News Bot news, on August 8th, according to CoinMarketCap data, as of the time of publication, XLM (Stellar) is currently priced at $0.45, with a rise of 12.10% in the last 24 hours, reaching a high of $0.46 and a low of $0.36. The current market capitalization is approximately $14.1 billion, an increase of $1.522 billion compared to yesterday. Currently, XLM ranks 11th in the Crypto Assets market capitalization leaderboard.
Stellar is an open-source blockchain network used for various payment and remittance applications. The network supports a variety of use cases, including smart contracts, DeFi, payments, and asset tokenization. The design goal of the Stellar network is to make blockchain more relevant to the real world, providing developers with the tools to create a crypto assets experience as convenient as cash. Compared to most blockchain-based systems, the Stellar network is faster, cheaper, and more energy-efficient.
Important news about XLM recently:
1️⃣ XLM price breaks through two-week downtrend The XLM price has successfully broken through the downward trend line that lasted for two weeks, showing positive market sentiment. This breakout is accompanied by an increase in capital inflow, indicating that investors' confidence in the Stellar network is recovering.
2️⃣ XLM hits a 5-month high The price of XLM has broken through a key resistance level, reaching its highest level in 5 months. This significant technical breakthrough may attract more traders and investors' attention, further driving the price rise.
3️⃣ The price trends of XRP and XLM are similar Market analysts have noted that the price movements of XLM are similar to those of XRP, which has recently experienced a significant pump. This correlation may trigger investor expectations for XLM to potentially follow the rise of XRP, thereby driving buying demand.
From a technical perspective, the price of XLM has continued to strengthen after breaking through key resistance levels, demonstrating positive momentum. On the fundamental side, the ongoing development of the Stellar network in the fields of cross-border payments and asset tokenization provides strong value support for XLM.
This message is not intended as investment advice; investors should be aware of market volatility risks.