The month of July has not been kind to the cryptocurrencies as the top 25 digital currencies have recorded significant losses over the period of one month. Ether, the token with the second largest market capitalisation also recorded a monthly loss. However, Bitcoin trotted a different path and was at an all-time high considering the period of past seven months. The bitcoin dominance rate, the indicator used to measure contribution made by bitcoin to the market cap, rose to 48% from last month’s 42%.
Similar to Bitcoin, another cryptocurrency that shone out among the other 25 cryptocurrencies was Stellar. XLM, Stellar’s token went against the tide and ended up becoming the top performer in its category. The excellence displayed by the XLM token on the charts impressed the coin exchanges and the investors alike. Coinbase, the leading U.S.-based digital exchange pointed out that the investors’ interest in Stellar had hiked to 13%.
Stellar’s blockchain technology is being sought after by many companies who plan to launch ICOs in the recent future. The social messaging app Kik is one of those companies incorporating Stellar’s technology in their system. The feature making Stellar stand out among all the other blockchain firms is the implementation of scaling solutions and fast network which will be undertaken soon this year itself.
XLM began to surge upwards around the 13th of July reaching the monthly high of $0.36 after gaining a massive 93% from its opening price of $0.19. Crypto coin then descended a little by 11% largely due to the bearish signals taking over the market. The end of month showed a 40% appreciation conclusively.
The bearish spell was broken by the bullish signals after July 14, the XLM continued its ride past the 200 day exponential moving average to the 0.618 Fibo retracement level. The resistance above this level did not allow the price to go over the $0.36 level. The price repeatedly landed at or around 24% to where it stands today below $0.28.
With the current market price of $0.27, the crypto asset has been successful in replacing the sixth largest cryptocurrency by market capitalisation, Litecoin.