Stellar (XLM) Produced Best Crypto Gains In July Despite Bitcoin’s Dominance Rate Spike
Not only the XLM holders have seen their pockets be filled with money during July, but they can also enjoy their new cash with a pun: July was a Stellar month. Stellar was able to beat even the famous Bitcoin rally of 26 percent with an incredible 40 percent rise in price during the month, being the top token of July.
There is no doubt that Bitcoin was the real shining star of the month, though, as its dominance rate over the crypto market raised to 42 percent to 48 percent and had a 7-month record over a 31-day period. This is partly because Ether, the token of the Ethereum blockchain, the largest crypto of the market, has saw a monthly loss during a month in which most tokens were going up.
Let’s go back to Stellar, though. From the Top 25 cryptos, it was the most fortunate one during the month. Defying the odds in a month when Bitcoin really shined, Stellar rose to the sky. The main reason why this happened was because Coinbase was interested in it and considered listing the XLM token, which led to a 13 percent spike.
However, one would not see the whole picture in believing that Coinbase did it alone. Stellar already was on the rise and had some major milestones made recently, which led Coinbase to be interested in it after all.
Many companies looking to launch Initial Coin Offerings (ICOs), including some big ones like Kik, the social messenger, have started to use Stellar’s tech for their fundraising instead of the popular Ethereum. This obviously also impacted the price of the XLM tokens.
It is also important to perceive that the Stellar team has made important technical commitments to make the structure of the Stellar blockchain better. Some of them are using the Bitcoin Lightning Network, a scaling solution that could help it (however, it is important to note that the Lightning Network seems far from being very popular at the moment, unfortunately.
After increasing its value time after time, Stellar has displaced the old timer Litecoin and took its rightful place as the sixth largest cryptocurrency in the world by market capitalization. The value of the whole Stellar network is today just north of $5 billion USD.
Stellar Charts During July
During July, the price of the XLM tokens were from $0.19 USD to $0.28 USD. The token is 40 percent higher now and its highest price during July was when it reached $0.36 USD on July 13. However, even with the price drop in the second part of the month, Stellar is still in a very comfortable position at the Top 10 cryptos by market cap.
As Stellar has risen in popularity, there is nothing stopping it from continuing to rise and we will have to wait for the next moves from the developers to be 100 percent sure whether Stellar will continue its stellar rise or if it will be a falling star.
However successful the token is at the moment, though, it should be noted that Stellar is quite far from its all-time high price of $0.87 USD per token, which was obtained during the crypto craze on January 2. Then again, most tokens were overpriced in comparison with today’s standards at that moment.