Stellar (XLM) Explodes 10% Daily, Bitcoin (BTC) Stalls at $26K: Market Watch

In this market watch, we explore the rapid growth of Stellar (XLM) by 10% daily, while Bitcoin (BTC) remains stagnant at a $26K value. Learn more about these market trends and stay updated with the latest developments in the cryptocurrency market.

Last week, Bitcoin (BTC) experienced significant volatility, but it has now stabilized at a familiar price level of around $26,000. Alongside BTC, most altcoins have also remained quiet, with Rocket Pool, Synthetix, and Stellar being the exceptions, as they have all seen double-digit gains.

Bitcoin Returns to $26K

For a while, BTC had been trading sideways at around $26,000 until Grayscale’s legal victory over the US Securities and Exchange Commission (SEC) last Tuesday. This win had the potential to turn Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF, causing the price of Bitcoin to surge by over $2,000 in just a few hours. As a result, Bitcoin reached a multi-week high above $28,000.

However, the SEC took expected action by delaying the decision on all spot BTC ETF applications for an additional 45 days. This, combined with the declining excitement over Grayscale’s victory, caused a significant price retracement.

Within two days, Bitcoin dropped by nearly $3,000, hitting an 11-week low of $25,350. However, it managed to bounce back, recovering a few hundred dollars, and has since been trading around $26,000, just as it did a week ago. Its market capitalization currently stands at $505 billion, and its dominance over altcoins remains at 48.4%.

BTCUSD. Source: TradingView

Stellar (XLM) Sees Growth

While most altcoins saw insignificant gains in the past 24 hours, there were a few exceptions. Ethereum, Binance Coin, Ripple, Cardano, Solana, Tron, TONCOIN, Polkadot, Polygon, and Litecoin all experienced slight increases, with SOL experiencing the highest jump of 2%. On the other hand, Dogecoin and Shiba Inu, the two largest meme coins, saw minor losses, while LEO, HBAR, and MKR recorded the biggest decreases among larger-cap altcoins.

Stellar’s XLM saw a significant rise of approximately 10% and is now trading well above $0.12. Additionally, Rocket Pool and Synthetix also experienced double-digit gains.

The total cryptocurrency market cap has regained just under $10 billion in a day and currently stands slightly above $1.050 trillion on CoinMarketCap.

Cryptocurrency Market Overview
Cryptocurrency Market Overview. Source: Quantify Crypto

Note: The opinions expressed in this article are those of the quoted writers and do not necessarily reflect the views of CryptoPotato. Before making any investment decisions, it is recommended to conduct your own research and use the provided information at your own risk.

For cryptocurrency charts, you can visit TradingView.

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