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Stellar (XLM) is riding a bullish wave as the broader cryptocurrency market gains fresh momentum. Riding the coattails of Bitcoin's upward run, XLM has risen 7% in the last 24 hours, marking one of its most noteworthy swings in weeks.
Cryptocurrencies climbed on Monday, indicating improved investor sentiment. BTC surpassed $87,000 in the early Asian trading hours, while popular cryptocurrencies like Stellar witnessed rises. The increase in Bitcoin's price appears to have been driven by a drop in the U.S. dollar index (DXY), which has reached a three-year low, and a rally in gold.
This 7% increase is one of XLM's greatest single-day gains since early April, pushing its price closer to the key barrier at the daily SMA 50 at $0.262, which has capped XLM's price since February.
Godfrey BenjaminAt press time, XLM was up 6.51% in the last 24 hours to $0.2567. Stellar (XLM) has recovered from the previous week's losses, rising 4.81% in the last seven days. Daily trading volume for XLM has increased as traders seek to ride the bullish wave. According to CoinMarketCap, XLM's trading volume reached $153.3 million, an 80% increase over the past day.
XLM outperforms XRP in gains
Stellar and XRP have long been contrasted because of their shared origins and overlapping use cases in global payments. However, recent performance indicates that XLM is gaining traction, at least in terms of short-term price movement.
Tomiwabold OlajideWhile both coins rose, XLM increased by 7%, while XRP increased by only 4%, indicating renewed interest in Stellar (XLM).
Stellar has quietly climbed since April 16, with four out of five days in the green since then. The rally continued after a decrease on Sunday, reaching a high of $0.262 in the early Monday session. At press time, XRP was up 3.15% in the last 24 hours to $2.11, as its price remained stable around $2.
Whether this outperformance continues remains unknown, with eyes on what comes next for both projects.
Vladislav Sopov
Dan Burgin