Stellar (XLM) has emerged as a top performer among the leading cryptocurrencies, decoupling from Bitcoin and outshining major altcoins like Ethereum, Solana, and Cardano. As market volatility continues, XLM’s breakout signals a potential shift in investor sentiment.
Stellar Outperforms the Market
Among the top 20 digital assets, Stellar is the best gainer, defying the broader market downturn. While Bitcoin remains stagnant and Ethereum, Solana, and Cardano have seen declines of 0.61%, 1.6%, and 3.56%, respectively, XLM has surged by 10%.
CoinMarketCap data reveals a 32.56% spike in Stellar’s trading volume, now at $376.89 million. This impressive increase follows a strong price breakout from consolidation earlier today.
Stellar opened on March 13 at $0.261, consolidating before a decisive push to $0.270. The rally then intensified, propelling XLM to a high of $0.2928. The boost is partly attributed to Soroban, Stellar’s smart contract innovation, which has been fueling renewed investor interest.
XLM Still Has Ground to Cover
Despite its recent gains, Stellar has faced hurdles in keeping pace with market trends. Earlier this year, XLM made headlines by surpassing Avalanche (AVAX) in market capitalization on February 7. However, the growing interest in cryptocurrency exchange-traded funds (ETFs) has left Stellar in the shadows.
Franklin Templeton and other asset managers have filed for an XRP ETF, which, if approved by the U.S. Securities and Exchange Commission (SEC), could significantly impact investor sentiment toward XRP. For now, there is no sign of a Stellar ETF, leaving XLM lagging in institutional adoption.
Can Stellar Maintain Its Momentum?
With its latest price breakout, Stellar has positioned itself as a strong contender in the crypto market. However, sustaining this momentum will depend on continued technological advancements and broader market trends. If institutional interest in XLM grows, a long-term rally could be on the horizon.
For now, Stellar remains a volatile yet promising asset, showing resilience in a market that remains unpredictable. Will XLM continue its upward trajectory, or will it struggle to maintain its recent gains? Investors are watching closely.
