This year hasn’t been the best for cryptocurrencies. Things seem to have gone from bad to worst over the months since the beginning of the year after the prices started falling from the all-time highs. Last month, there was a lot of positive sentiment in the market that left investors optimistic once again. Unfortunately, things are becoming bleak. The trading volume of this weekend was relatively low for the entire market. Stellar, however, recorded significant gains this weekend. Even if it was unable to cross the $0.3 level, it was able to move above the $0.27 level which it hasn’t come near in a while.
Stellar Faces Ecosystem Challenges
Cryptocurrency social media hasn’t been saying good things about Stellar. There are a lot of people in crypto-twitter who aren’t intrigued by the rise in the price of XLM but are concerned about some developmental issues within the ecosystem. For starters, some cryptocurrency enthusiasts are worried about the fork Stellar team created. One user known as XRP GoldFish said that the fork is Stellar’s attempt to evade regulatory scrutiny as it attempts to get listed on CoinBase. This XLM hardfork has raised concerns as people aren’t sure about the legitimacy of the product.
Stellar (XLM) Price Today – XLM / USD
Some people believe that it is an outright scam and have encouraged Stellar users to take extra precautions in protecting their private keys at all times. Users have been advised not to input their private keys except they are using the wallet developed by the Stellar development team or other known developers.
Irrespective of the negative sentiment on social media, XLM is trading in green. While the market is still unpredictable and there is always room for the unexpected, things are current looking up for Stellar. Within a 24 hour period, XLM is up by more than 4%. It has been green against the USD and against Bitcoin. This is intriguing because Bitcoin is currently trading in red against the USD and altcoins are known to follow Bitcoins trend.
While the price is up, the trading volume is low. This means that the uptrend may not last. Notwithstanding, the price might remain in green for the rest of today. This is all thanks to the $125 million XLM airdrop that was launched by Blockchain some days ago. This airdrop is most likely the main reason behind the price surge XLM has been experiencing.
How Is Stellar Lumens (XLM) Doing Now?
At the time of writing, XLM was trading at $0.272452. This means that it is up by 1.69% against the USD and up by 1.38% against Bitcoin. The trading volume over a 24 hour period is $114,424,268 and the market capitalization is $5,158,875,481.