With the price of Bitcoin reaching a yearly high point of $6,000, a first since November 2018, the fate for the lesser known coins appears to be rosy. However, for some, this slightly bullish trend for the big players has not trickled down. Unfortunately, XLM is in this category.
XLM has been in the red for quite some time. The coin is currently priced at $0.092975 a sight that may not be too bad were it not for the increase in gains for Bitcoin and others. Yesterday was one of many miserable days for the token, as it dropped $-0.001211 (-1.28%). This follows the trend of the past month which has seen its price line steadily fall.
However, it was not always doom and gloom for the token. XLM’s Coinbase listing did prompt a brief surge this past month, and the Stellar development foundation’s decision to host a Coinbase Stellar airdrop certainly helped their cause. Furthermore, IBM announced they would be using the Stellar blockchain.
Yet, the case remains that XLM is disappointing many in the crypto community. Along with their rivals, XRP, the bank-centric tokens are having a hard time, despite the success of others around them. So, what has caused this curious set of circumstances?
Some observers feel that the coin is finding its feet and will bottom out only to resurge again. Sometimes you have to go back to go forward as they say. Another theory has suggested that the moves which brought eyes upon the token, like the airdrop, have actually served to lower the price due to the higher circulation.
What do you think of the poor performance? Will XLM return to be bigger, better and stronger? Let us know in the comments.