• Stellar (XLM) recorded a 300% rise in 24 hours as it gained more than 30% in the past two weeks.
• The recent rally is attributed to increased traded volume and open interest.
• XLM has also made significant progress in smart contracts and CBDC market, leading to its $5B valuation.
Stellar (XLM) Records 300% Spike In 24 Hours
Stellar (XLM) recorded a sharp uptick in daily traded volume on Wednesday amid the macro crypto downturns. The veteran crypto asset surged by over 30 percent in the past two weeks to trade around $0.102 on Wednesday.
Increased Traded Volume and Open Interest Drive XLM’s Price Breakout
The surge is largely attributed to the increased traded volume and open interest of Stellar lumens. According to market data provided by Coinglass, XLM’s open interest spiked to a three-month high of about $40 million. Additionally, XLM daily traded volume increased by a whopping 321 percent in the past 24 hours to hover around $213 million.
Stellar Foundation’s Progress Benefits XLM Market
The Stellar organization has made significant gains in the stablecoins and CBDC market, which is expected to control a huge portion of the digital market. These advancements have significantly benefited from its $5 billion valued XLM market and opened up new bullish outlooks for it beyond its current All-Time High of 11 cents towards $0.17 resistance level.
If XLM price rallies beyond this year’s ATH, a macro bullish outlook will be opened towards $0.17, where the next major resistance level will be found. Notably, XLM price has followed XRP price actions but their correlation has reduced recently due to Ripple’s ongoing SEC vs Ripple lawsuit while Stellar is making crucial fundamental progress with smart contracts development and CBDC integration .
The recent spike seen in Stellar (XLM) certainly shows promise for future growth given its increasing traded volume and open interest as well as advancements made by Stellar Foundation into smart contracts and CBDC markets that benefit its overall value proposition of USD 5 billion valuation .