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Information about Stellar (XLM)
Stellar is a blockchain platform that helps users transfer money and digital assets across borders with fast speed, reliability, and low cost. Specifically, Stellar is an open-source distributed payment network capable of connecting banks and payment systems with users, facilitating the trading of currencies and digital assets. Stellar is also a Blockchain Platform that allows developers to build applications, products or tokenize assets on their platform.
Stellar is focused on payments and helps users create tokens based on collateral. Essentially, Stellar is a fork (fork) of Ripple (XRP). However, starting in 2015, Stellar completed its consensus protocol, called the Stellar Consensus Protocol, and is no longer related to Ripple.
Some outstanding features of Stellar:
XLM (Stellar token) is a token operating on the Stellar platform, used for the following purposes:
News
Stellar (XLM) experienced a notable rise of 7% in a 24-hour period, thanks to Bitcoin’s recent momentum boosting the entire cryptocurrency market.
Bitcoin’s price exceeded 87,000 USD, contributing to a favorable sentiment in the market. The decline in the U.S. Dollar index and gold’s rally supported this surge.
XLM’s trading volume hit 153.3 million USD, with an increase of 80%. XLM has outperformed XRP recently, indicating renewed interest in Stellar amidst similar market trends.
Whale Alert reported three major transactions of Stellar (XLM) in five minutes, totaling 245 million XLM, worth over 57 million USD. The last transaction involved a transfer to dead wallets, raising speculation about potential market sentiment.
As of now, Stellar (XLM) trades at approximately 0.2354 USD, declining by 2.2% in 24 hours. The unknown motivations behind these transfers may heighten fears of a sell-off in the market.
Stellar (XLM) has experienced a 2.96% increase in open interest over the past 24 hours. A total of 483.42 million XLM, valued at 117.68 million USD, has been committed, signaling strong investor confidence despite a recent price decline.
Currently trading at 0.2429 USD, XLM is approaching a critical resistance level of 0.2460 USD. Experts anticipate a 15% price jump, fueled by recent optimism and increasing buying pressure following a previous sell-off.
Stellar (XLM) is rebounding after a major sell-off on April 10, which saw the cryptocurrency market cap drop by 1.05% to 2.57 trillion USD. Despite bearish trends, XLM’s price increased to 0.2368 USD, signaling market interest.
XLM’s trading volume surged to around 180 million USD, highlighting rekindled market enthusiasm. Though the coin has not yet reclaimed the 0.25 USD resistance level, it is striving to recover from the recent decline, showcasing upward momentum.
Stellar’s performance is closely linked to Bitcoin’s price movements and overall market trends. Future growth depends on market conditions, but XLM has displayed strength against bearish forecasts, indicating potential for recovery.
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