Stellar Lumens was in the cryptocurrency news almost every week last year – being considered as one of the golden altcoins to look out for. However, if we fast forward to its current performance, the coin seems desperate despite the impressive technology behind it.
Designed as a Ripple rivaling financial transfer blockchain that promised great things, Stellar’s slogan is “money moving like email” which is a service that the world definitely needs right now. However, its token has failed to gain much traction in terms of price as XLM continued to slide down the chart while its market cap seems to have eroded.
A couple of months ago, XLM has started a decline which is still going hard, being dumped to the ninth place and being surpassed by coins such as Tether (USDT), Litecoin (LTC) and Tron (TRX). Currently, Stellar is the worst performing altcoin in the top thirty and has lost another 3% yesterday. In today’s market action, Stellar is still in the red while many other top altcoins have gone up recording gains of up to 1%.
XLM has fallen by 90% since it’s all-time high. Its current price of $0.083 is the lowest this altcoin has been for 15 months. Even though there are even bigger losers such as Cardano, the slide of Stellar should definitely be a concern for many investors.
Unlike many crypto firms which have fired most of their staff, the Stellar Development Foundation (SDF) has continued to hire during the bear market, taking on software developers and partnership directors. The XLM adoption was also in the positive side, and Grayscale Investments was one of the firms that added Stellar Lumens (XLM) support to its platform.
So when we sum things up, there is no obvious reason why Stellar has dropped so far down so quickly. However, many believe that this drop will come to an end soon and XLM will regain its position as one of the best altcoins out there.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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