- XLM concludes its most bullish week, and is on track for November to be its most bullish month.
- Derivatives demand soars to new highs, aided by news that underpins incoming organic utility.
As a seasoned cryptocurrency researcher with a decade of experience under my belt, I must admit that watching Stellar Lumens [XLM] soar to new heights this month has been nothing short of exhilarating. It’s like witnessing a rocket launch, but instead of space, we’re talking about the cryptosphere!
The native digital currency of Stellar (XLM) has been grabbing attention due to its impressive surge in value. This month’s performance has elevated it from being underestimated to one of the top performers among cryptocurrencies in 2024.
On November 23rd, XLM experienced a substantial 61% increase from its lowest to highest point that day. Consequently, this surge boosted its weekly growth to an impressive 235%.
This month, it’s surged an impressive 600% from its lowest to its highest price, placing it among the top performers in the crypto market.
Despite seeming to buck the laws of gravity, XLM’s extraordinary trajectory was notable for an additional significant factor. Initially trading near record lows in early November, this cryptocurrency embarked on a remarkable surge that drew closer to its 2021 all-time high (ATH).
XLM derivatives soar to historic levels
Regarding impressive new records, it’s worth noting that XLM managed to set a fresh all-time high in an essential aspect fueling the recent surge of demand. The open interest in XLM on exchanges peaked at an astounding $443.99 million over the past day.
This was the highest open interest level that the cryptocurrency has achieved in its history.
Contrastingly, the highest level of open interest previously reached was about $180 million back in April 2021. However, the trading volume for XLM derivatives has significantly increased, peaking at approximately $10.17 billion within the past 24 hours, as reported by Coinglass.
A significant increase in open positions along with strong market demand provided the ideal mix for a spectacular price surge. Yet, there might be additional elements contributing to the swift change in public opinion.
Stellar Lumens to support the Federal Reserve’s FedNow system
In the past two days, news has surfaced about Stellar Lumens (XLM) native blockchain, Stellar, potentially supporting the FedNow project. If this integration occurs, the network could experience a significant increase in functionality, possibly leading to increased interest and demand for the XLM token as well.
One possible reason for the surge in XLM’s popularity and increased cost toward the end of the week could be this.
As an analyst, I find myself affirming that this development lays a solid foundation for a surge in demand in the forthcoming weeks. This is primarily due to the fact that such positive news might trigger increased HODLing behavior among investors, who are hoping to reap higher returns in the future.
Read Stellar’s [XLM] Price Prediction 2024–2025
Nevertheless, a pullback in the short-term could be on the cards. The main reason being that the cryptocurrency was extremely overbought at the time of writing.
Given the latest trends in XLM’s performance, there’s a strong possibility that it might continue this trend towards price exploration, which could occur as early as now or by 2025 at the latest.
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2024-11-25 10:15