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This week started with a promising recovery for a few altcoins after a significant cryptocurrency market sell-off last week temporarily pushed the total market capitalization to $1.1 trillion. So, what is the current situation for the leading cryptocurrency and altcoins?
Current Situation of Altcoins!
Stellar (XLM) stood out alongside Ripple (XRP), XDC Network (XDC), and Litecoin (LTC) during a strong recovery process. XLM even reached a peak of $0.132 during this rally. However, Stellar’s luck quickly reversed, and this excitement was short-lived. At the time of writing, XRP was trading at $0.124, experiencing a decline of more than 6.3% in the last 24 hours. This decline increased Stellar’s weekly and monthly losses to 9.5% and 24.6%, respectively. During this 30-day period, more than $1 billion was wiped off XLM’s market value.
Following the recent market-wide downturn last week, many altcoins, including XLM, showed encouraging signs of recovery with an approximately 7% increase during this 24-hour rollercoaster ride. Santiment, a blockchain intelligence platform, noted that this movement came amidst positive changes in XLM’s social volume on August 21. Other cryptocurrencies participating in this recovery included XDC, LTC, Toncoin (TON), Tron (TRX), and XRP.
Expected Report from Santiment!
Furthermore, Santiment stated that this trend is likely to continue throughout the week, referring to the market value in relation to realized value metrics. The leading analytics company Santiment stated in its statement:
Do not be surprised if the trend continues this week while metrics indicating investors’ significant decline in market value continue.
However, the recovery turned out to be temporary, and most major altcoins lost their gains within a few hours. A cryptocurrency analyst claims that XLM still has a 405% increase in the cards.
Taking a more optimistic stance, cryptocurrency analyst Javon Marks believes that XLM’s future trajectory maintains an upward trend. The strategist noted that Stellar’s prices show “strong bullish signs.” Additionally, Javon believes that $0.681 continues to be a significant target for XLM and achieving this would mean a tremendous price increase of 405%.
