Buying XLM at Lows- Is Stellar a Bargain at $0.08?
Stellar Lumens is the 11th largest cryptocurrency by marketcap, and became popular among investors when it announced a partnership with IBM in 2017. The coin rose from a fraction of a cent to over $1 during the bull market of 2017, and has fallen recently. Is Stellar Lumens a bargain below $0.08?
Let’s look at Stellar Lumens (XLM) fundamentals. XLM is a large cap coin with a marketcap of approximately $1.5 billion with a high use rate on major exchanges. XLM trades on Binance, Bittrex and Coinbase, and has a 24-hour volume of over $89 million. XLM is a cryptocurrency designed for commerce applications including remittances and cross-currency conversion. It is fast and cheap to move.
XLM is stuck in a range of $0.75-$0.08, and appears to be in a bearish pattern since Q3 2019 along with the greater altcoin market. Now is the time to accumulate small altcoin positions and be ready to buy as prices decrease due to the increasing Bitcoin dominance rate.
XLM has several innovated fintech and remittance projects in work. The partnership with IBM and banking fintech firms may serve as a future catalyst.
Given XLM’s prior price history during altcoin season, now is the time to accumulate a small position. XLM will likely go lower in price as Bitcoin soaks up market dominance, which is approaching 70%. As Bitcoin’s dominance increases, the altcoin market’s cryptocurrencies will decrease in value. Altcoin season is likely 3-6 months off.
Originally published in my Publish0x account I own at:
Also published in my Weku, Whaleshares, Hyperspace, Minds, Golos, Serey and Bearshares accounts I own.
Picture from Pixabay.