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Stellar ($XLM) is riding a bullish wave as the broader cryptocurrency market gains fresh momentum. Riding the coattails of Bitcoin's upward run, $XLM has risen 7% in the last 24 hours, marking one of its most noteworthy swings in weeks.
Cryptocurrencies climbed on Monday, indicating improved investor sentiment. BTC surpassed $87,000 in the early Asian trading hours, while popular cryptocurrencies like Stellar witnessed rises. The increase in Bitcoin's price appears to have been driven by a drop in the U.S. dollar index (DXY), which has reached a three-year low, and a rally in gold.
This 7% increase is one of $XLM's greatest single-day gains since early April, pushing its price closer to the key barrier at the daily SMA 50 at $0.262, which has capped $XLM's price since February.
At press time, $XLM was up 6.51% in the last 24 hours to $0.2567. Stellar ($XLM) has recovered from the previous week's losses, rising 4.81% in the last seven days. Daily trading volume for $XLM has increased as traders seek to ride the bullish wave. According to CoinMarketCap, $XLM's trading volume reached $153.3 million, an 80% increase over the past day.
$XLM outperforms $XRP in gains
Stellar and $XRP have long been contrasted because of their shared origins and overlapping use cases in global payments. However, recent performance indicates that $XLM is gaining traction, at least in terms of short-term price movement.
While both coins rose, $XLM increased by 7%, while $XRP increased by only 4%, indicating renewed interest in Stellar ($XLM).
Stellar has quietly climbed since April 16, with four out of five days in the green since then. The rally continued after a decrease on Sunday, reaching a high of $0.262 in the early Monday session. At press time, $XRP was up 3.15% in the last 24 hours to $2.11, as its price remained stable around $2.
Whether this outperformance continues remains unknown, with eyes on what comes next for both projects.