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Stellar (XLM) leads the altcoin charge with a staggering 457% monthly surge, fueled by bullish momentum and surging trading volumes. The cryptocurrency, up 81% this week, is now eyeing key resistance levels as traders anticipate further breakouts.
Stellar's 457% Surge Redefines Market Trends
The price of Stellar (XLM) has been steadily rising over the last 30 days, and it has continued to do so with more increases.
Data from CoinGecko shows that Stellar has had a 457% increase in value over the past 30 days. The cryptocurrency's bullish trend has been further solidified with a 12% gain in the last 24 hours. Stellar has had a remarkable 81% spike in value throughout the last seven days.
Stellar is now among the best-performing assets in the cryptocurrency market, thanks to its recent increase.
Bitcoin’s Record-Breaking Surge and Altcoin Demand
Stellar and other large cryptocurrencies have seen increased demand due to rising optimism in the crypto sector as a whole. With Bitcoin's record-breaking climb this month, cryptocurrencies have witnessed an uptick in inflows.
In the past week, Bitcoin soared to a new high of almost $100,000 before crashing back down.
Since the start of the year, the price of numerous altcoins—alternative cryptocurrencies—has more than tripled, mirroring some of Bitcoin's movements. But some are still far lower than their peak levels. Because of their greater volatility and low trading volume, altcoins have often beaten Bitcoin during bull markets and underperformed during bear markets.
Stellar’s Trading Volume Hits $3.23 Billion
It appears that both traders are now holding XLM holdings based on the price activity and trading volume.
Data from CoinMarketCap shows that the trading volume of XLM has increased by 36 percent in the past 24 hours, reaching $3.23 billion.
Stellar started to rise again after hitting a low of $0.414 on November 26. If XLM continues to rise today, it will have gained for three consecutive days since this date.
Stellar Targets Annual Highs Amid Bullish Momentum
The market is intently studying Stellar for any indications of consolidation or additional breakouts as it persists in its rise, U.Today shares. Under these conditions, XLM might try to revisit the $0.6389 and $0.80 annual highs that it just hit.
Even while the profits are remarkable, it's still wise to exercise caution because profit-taking is possible. Here, $0.414 is seen as a potential short-term support level.
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