Stellar’s XLM ascends despite strong pull by a low volatility market
The price of Stellar Lumens [XLM] started at $0.2416 and a market cap of $4.57 billion on November 6, after which the price journeyed a very stale sideways market until 20:44 UTC. Post this, the prices saw a steep increase in the market cap, which increased to $4.64 billion.
After the spike, the prices remained more or less the same but increased gradually over the day. A prominent spike happened on November 6, 14:24 UTC, when the price reached $0.2559 and the market cap reached $4.84, i.e., a $200 million hike from the last spike. The prices slumped after the spike, and have now reached $0.2527, and market cap has come down to $4.78 billion.
The seven-day chart shows a gradual increase in price, with considerably less volatility in the market as compared to the one-day chart. The prices at the start of the chart were hovering at $0.2241, while the market cap stayed at $4.23 billion. The only outstanding spike happened at $0.2405, when the market cap was at $4.54 billion.
The spike was followed by a period of low volatility, but that didn’t stop the prices from increasing steadily. The price reached $0.2525 and the market cap climbed to $4.78 billion. This shows that the market price of the XLM increased despite low volatility.
Binance contributed a total of 22% [approx] of the trade volume, which was followed by GDAC, which contributed 16.83%.
Apart from the numbers, Stellar, as a company, has accomplished a lot in the last few months, which includes partnerships with payments platform, Stripe, and the partnership of Stellar with IBM, which led to the development of payments platform called World Wire.
In a recent blog post, Stellar opened up about their decentralized vision for financial inclusion, where they plan to make it easy for local fintech entrepreneurs to utilize Stellar as their back-end infrastructure solution. Stellar has a similar payment infrastructure to Ripple’s xRapid, but Stellar plans to make it accessible to smaller projects with virtually no transaction fees.
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