Stellar (XLM) is outperforming the broader crypto market on the technical rebound.
The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.
During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.
Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.
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The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.
However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.
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