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The ongoing market recovery has spotlighted Stellar (XLM) as a bull takeover. The altcoins have decoupled from Bitcoin (BTC), which has dropped by 1.32% overall. At the time of writing, XLM's price changed hands for $0.2904 after recording an 11.74% uptick in the past 24 hours.
Stellar metrics in blowout mode
Per the latest price outlook, Stellar is the best gainer among the top 20 digital currencies by market capitalization. It has not only decoupled from Bitcoin but is also outshining Ethereum, Solana and Cardano, each of which has dropped by 0.61%, 1.6% and 3.56%, respectively.
Tomiwabold OlajideAs of press time, Stellar boasts a 32.56% surge in trading volume, now pegged at $376,892,431.84, per CoinMarketCap data. The XLM price rally marks an unusual breakout from its consolidation trend earlier today.
Stellar opened on March 13 at $0.261. After consolidating at this level for hours, it recorded a definitive breakout at $0.270 before skyrocketing to a high of $0.2928. While the Soroban smart contract innovation remains a major boost for the XLM price, investor sentiment is generally volatile.
With Stellar outshining XRP on shorter time frames, the expectation of sustained growth remains high.
XLM still needs to catch up
Since the start of this year, Stellar has recorded some impressive milestones, including flipping Avalanche (AVAX) on Feb. 7.
Gamza KhanzadaevHowever, with the reboot in market sentiment among institutional investors regarding exchange-traded fund (ETF) filings, Stellar is lagging. Asset managers, including Frankin Templeton, have filed for an XRP ETF.
The potential approval from the United States Securities and Exchange Commission (SEC) will likely shift investor sentiment regarding the coin. It remains uncertain if a Stellar ETF is on the horizon from any asset manager. If introduced, the hype further stirs the price of XLM in the long term.
Dan Burgin
Vladislav Sopov