Stellar Price Spikes 60% as Altcoins Ride the Bitcoin Boom

Stellar (XLM) is up more than 60% today and 111% on the week as prices continue to rise alongside Ripple (XRP) and others Altcoins.

XLM is currently trading for around $ 0.190 per coin. That is the highest price in more than two years. Meanwhile, XRP, a closely related crypto asset, has exploded in the past few days, approaching $ 1 before dropping back to around $ 0.70.

The altcoin rush follows a historic bitcoin bull run. Bitcoin price has increased 10% in the past seven days and is currently over $ 19,000. That’s almost an all-time high. This dynamic appears to be sustaining smaller cap crypto assets, including Stellar.

Jed McCaleb, who co-founded Ripple in 2012, spun Stellar out in 2014 as a more consumer-friendly version of a product originally developed for banks.

The cross-exchange trading volume for Stellar is now $ 3.2 billion.

One possible reason for this boom in XLM prices lies in its relationship with XRP, said analyst Michaël van de Poppe Decrypt;; XRP has capitalized on the excitement over an upcoming air drop granting users “spark” tokens from a new company called “the” Flare network.

“[Since] These two are often correlated with each other. It is a surprise that DOGE is not moving that much yet, ”added van de Poppe, although Dogecoin can succeed or fail rest more on Elon Musk tweets than any correlation with XRP or XLM.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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