-
Stellar Lumens (XLM) has made headlines with an astonishing 56% price increase overnight, reaffirming its position in the cryptocurrency landscape.
-
The surge has propelled XLM’s market capitalization to an impressive $13.1 billion, surpassing notable altcoins like Polkadot (DOT) and Chainlink (LINK).
-
“The energy behind this rally indicates strong momentum,” a source from COINOTAG remarked, highlighting the significant trading volume and market reaction.
Stellar Lumens (XLM) skyrockets 56% overnight, exceeding $13 billion in market cap, marking a pivotal moment in the crypto market cycle.
Stellar price jumps by 56%, XLM becomes best performer in top 100
Stellar Lumens (XLM), a veteran altcoin with a decade-long history, excited its community with an XLM price rally. The cryptocurrency added over 56% in just 24 hours. This spike pushed weekly gains to an unbelievable 187%: the XLM price almost tripled in the past seven days.
After this parabolic spike, Stellar Lumens (XLM) sensationally became the 16th largest altcoin by market capitalization. The upsurge was registered amid unbelievably high trading volume: over 50% of XLM liquid supply was moved in the last 24 hours.
Out of this activity, over $1 billion in equivalent should be attributed to the XLM/USDT pair on the WhiteBIT centralized crypto exchange.
As covered by COINOTAG previously, Stellar Lumen’s (XLM) price registered a couple of bullish TA indicators. One week ago, the first golden cross since April 2022 triggered a 35% price upsurge.
On this energy, XLM managed to break through its key resistance levels between $0.25 and $0.3. The XLM price has never been higher since early Q1, 2021, i.e., the first peak of the previous Bitcoin (BTC) cycle.
As XLM becomes the undisputed best performer in the top 100 of cryptos by market cap, over $14.5 million in XLM positions were liquidated, mostly shorts, Coinglass says.
Henrik Zeberg signals for “altseason” as ADA, DOT, VET rocketing
Meanwhile, other long-running altcoins are also performing well. In the last 24 hours, VeChain (VET) surged by 33.5%, while Cardano’s ADA and Polkadot’s DOT soared by 25% each. The largest meme cryptocurrency Dogecoin (DOGE) added 20%.
Such impressive rallies made some analysts speak about an upcoming “altcoin season,” i.e., a phase of a bullish run when liquidity exits Bitcoin (BTC) to be spread between alternative cryptocurrencies.
Top trader and analyst Henrik Zeberg shared an optimistic tweet on altcoins with his 166,000 followers on X.
At the same time, Ethereum (ETH), the largest altcoin, is in the red today. The second cryptocurrency lost 0.2% in the last 24 hours.
Conclusion
The remarkable rise of Stellar Lumens (XLM) and other altcoins indicates a shifting trend in the cryptocurrency market, potentially setting the stage for a broader altcoin rally. Investors should closely monitor market actions, as these movements may suggest changing sentiments and opportunities across the crypto landscape.
