According to U.Today, Stellar (XLM) has experienced a remarkable increase in its value over the past month, with a notable 457% rise. This surge has been further bolstered by a 12% gain in the last 24 hours, reinforcing its strong upward momentum. Over the past week, Stellar has surged by 81%, positioning it as one of the leading assets in the cryptocurrency market.
The broader optimism in the cryptocurrency market has contributed to the increased demand for major cryptocurrencies like Stellar. This month, altcoins have seen a rise in inflows, coinciding with Bitcoin's record-breaking surge. Bitcoin recently approached an all-time high of nearly $100,000 before pulling back slightly. Altcoins, including Stellar, have mirrored some of Bitcoin's movements, with many experiencing significant price increases since the start of the year. Historically, altcoins have outperformed Bitcoin during market rallies due to their higher volatility and lower trading volumes.
Stellar's recent price action and trading volume indicate that traders are actively taking positions in XLM. Data from CoinMarketCap reveals that XLM's trading volume has increased by 36% in the last 24 hours, reaching $3.23 billion. Stellar's price recovery began from its November 26 low of $0.414, and if the current trend continues, it could mark its third consecutive day of gains. As Stellar continues its rally, the market is closely monitoring for potential consolidation or further breakouts. In this context, XLM may attempt to retest recent yearly highs of $0.6389 and potentially $0.80. However, caution is advised as profit-taking could occur, with short-term support anticipated at $0.414.
