The Stellar Lumens (XLM) cryptocurrency has soared 56% in the last 24 hours, pushing its market capitalisation to $13.1 billion. This has allowed XLM to surpass major projects such as Polkadot (DOT) and Chainlink (LINK). While other altcoins, particularly the ‘old timers’ of the market, are also showing positive momentum, Ethereum (ETH) continues to stagnate.
Stellar Lumens is the growth leader among the Top 100 cryptocurrencies.
Stellar Lumens (XLM), known for its long presence in the crypto market, surprised the community with a sharp jump in price. The cryptocurrency went up 56% in a day, and the weekly increase reached 187%, effectively tripling its value in seven days.
This meteoric rise has allowed XLM to become the 14th largest altcoin by market capitalisation. The growth was accompanied by record trading volumes – over half of the token’s liquid supply was moved overnight. Only on the XLM/USDT trading pair on the WhiteBIT exchange the volumes exceeded $1 billion.
In addition, XLM registered a number of technical signals indicating the continuation of growth. A landmark event was the so-called ‘golden cross’, recorded for the first time since April 2022, which led to a 35% rise in price. As a result, XLM was able to overcome key resistances in the range of $0.25-$0.30, reaching the maximum values since the beginning of 2021.
Market liquidations and the start of the ‘alt season’
According to Coinglass data, XLM’s strong growth has caused more than $14.5 million in short position liquidations.
However, several other altcoins such as VeChain (VET), Cardano (ADA), and Polkadot (DOT) also recorded significant growth overnight, up 33.5%, 25%, and 25%, respectively. Even the meme cryptocurrency Dogecoin (DOGE) was not left out, rising in price by 20%.
These events have prompted analysts to talk about the onset of the ‘altcoin season’ – a period when investors’ attention shifts from bitcoin to alternative cryptocurrencies.
Crypto analyst Henrik Seberg, making a prediction for the market, wrote in his X account:
SO IT BEGINS (for real)!#ALTSEASON
Hold on! This one is going to be steep 🚀🚀
– Henrik Zeberg (@HenrikZeberg) November 23, 2024
However, Ethereum (ETH), the second most capitalised asset, has so far failed to share the general optimism, falling 0.2% in the last 24 hours.
