Stellar Lumens News Today – August 29 

stellar lumens

Stellar Lumens News Today – The price of Stellar Lumens (XLM) has fallen significantly since the beginning of the year. This was rather surprising when you think about the fact that it was one of the best performers in 2018 with a surge in institutional adoption and major partnerships. This year, the Stellar Lumens (XLM) token is struggling along with its major competition, XRP. While the rest of the market was recording growth, the price of XLM was stalling. So, why is Stellar Lumens getting the worst of the bearish market.

Stellar Lumens Latest Update – Stellar Lumens News Today – Stellar Lumens Price Struggles

Since the start of the year, Stellar XLM the only major cryptocurrency next to XRP that hasn’t increased in price. Instead, it is down by more than 9% year-to-date. At the time of writing, the price of Stellar Lumens was at $0.062194. It is down by 8.70% against the USD and down by 2.23% against the already falling Bitcoin BTC. The trading volume over a 24 hour period is $117,772,696 and the market capitalization is $1,221,382,682. Bitcoin’s price is currently struggling to hold a crucial support after falling significantly against the USD. It is trading at $9,487.38. This means that it is down by 6.73% against the USD with a trading volume of $20,098,343,857 and a market capitalization of $169,856,641,232. Considering the fact that BTC moved to the $3k level in December, it is still doing relatively well.

Stellar (XLM) Price Today – XLM / USD

NamePrice
bitcoin
Bitcoin
$8,572.34-1.69%
stellar
Stellar
$0.060-5.09%

According to analysts, the price of Stellar Lumens XLM is performing poorly to balance out the significant surge in adoption and relatively good performance last year. Things like UNICEF’s deal with Stellar, the news about IBM using Stellar, and the hype that Stellar’s founder Jed McCaleb got from New York Times, all contributed to the outstanding performance of the coin. However, Stellar Lumens XLM has fallen from the 6th position to the 12th position and back to the 10th position since the beginning of the year. Against Bitcoin, it is down by almost 70% since January. It simply means that the market is trying to even out.

The Stellar Development Foundation is still working hard to promote the adoption of the XLM token and the Stellar blockchain. Even if the price action is discouraging to short-term investors, long-term Stellar bag holders still believe in XLM.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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