The past seven days have proven to be eventful for Stellar (XLM), with the cryptocurrency showing a notable price increase of 15.58%. This surge has piqued the interest of crypto enthusiasts and market analysts alike. Let’s break down the details of Stellar’s performance over the week and the factors contributing to its upward trajectory.
Weekly Price Overview: Stellar’s Impressive Growth
At the start of the week, Stellar (XLM) was priced at $0.3416, marking the week’s low. By the end of the seven-day period, the price climbed to $0.4237, with a peak of $0.4576 recorded. This steady climb resulted in a 15.58% increase, underscoring its resilience in the current crypto market.
The 24-hour trading volume also witnessed a significant spike, soaring by an astonishing 475.97% to $2.74 billion. Such high trading activity indicates increased interest from both retail and institutional investors.
Market Cap and Circulating Supply Insights
Stellar’s market capitalization rose by 21.41%, reaching $12.83 billion. With a circulating supply of approximately 30.28 billion XLM, Stellar’s market dynamics remain solid, reflecting confidence in the project’s long-term potential.
Interestingly, its Fully Diluted Valuation (FDV) stands at $21.18 billion, indicating how much the market cap would be if the total supply of 50 billion XLM were in circulation.
All-Time High and Historical Context
Although Stellar has made remarkable strides this week, it remains far from its all-time high of $0.9381, recorded on January 4, 2018. The current price reflects a 55% drop from this historic peak.
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However, when compared to its all-time low of $0.001227 in November 2014, Stellar has shown a staggering growth of over 34,307%.
Stellar’s Technical Foundations: Why It Matters
Stellar operates as a peer-to-peer (P2P) decentralized network designed to bridge the gap between traditional financial systems and blockchain technology.
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Launched by the Stellar Development Foundation in 2015, the platform facilitates the creation, transfer, and trade of various crypto assets.
The native currency, Lumens (XLM), serves as an intermediary for transactions and is crucial for its functionality. By enabling efficient conversions between currencies, Stellar solves the challenges of high fees and slow processes associated with traditional financial systems.
The post 7-Day Stellar (XLM) Price Analysis: Stellar (XLM) Soars 15% in 7 Days: Here’s Why This Crypto is Turning Heads appeared first on FXcrypto News.
