Stellar Price Skyrockets as DeFi Ecosystem and Futures Open Interest Reach Record Highs

The Stellar price experienced a significant surge on Friday, November 29, driven by the growth of its DeFi ecosystem and a record high in futures open interest. Stellar Lumens (XLM) reached an intraday high of $0.5510, marking its highest level in recent days. This represents a 27% increase from its weekly low, bringing its market capitalization to over $16 billion.

Correlation with Ripple and Cross-Border Payment Industry

Stellar’s rally mirrored that of Ripple (XRP), which jumped by over 20% as demand increased. The two coins have a close correlation due to their role in the cross-border payment industry.

Quarterly Report Highlights Stellar’s Performance

Stellar’s recent quarterly report showed that the network handled 103 million payment transactions, making it the second-biggest blockchain after Solana. This popularity can be attributed to its substantially low fees compared to competitors. The average fee on Stellar is $0.000014, significantly lower than Solana’s $0.004473. Additionally, Stellar’s network is fast, with a time to finality of about zero seconds.

Stellar’s DeFi Ecosystem and Futures Open Interest

Data shows that Stellar’s total value locked in the Decentralized Finance (DeFi) industry has jumped to a record high of $60.6 million. With Franklin Templeton’s fund assets included, Stellar has over $300 million in assets. The network’s assets in DeFi are lower than in other chains like Base and Sui, as it is a relatively new project. However, Soroban, its layer-1 network, was launched a few months ago and is seeing strong growth.

Stellar’s futures open interest has also surged, reaching $371 million, just below its weekly high of nearly $400 million.

XLM Price Could Double

The weekly chart shows that the Stellar Lumens price has jumped sharply in the past few weeks. It has crossed the important resistance level at $0.1945, its highest point on June 10. Moving above that level was crucial, as it was the neckline of the double-bottom pattern at $0.076.

The coin has also jumped above the key resistance at $0.4400, its highest swing in November 2021. Additionally, it has moved above all moving averages, indicating that bulls are in control for now.

Tips for Investors:

  • Keep an eye on the key resistance level at $0.6370, as a move above this level could point to more gains.
  • Monitor the performance of Bitcoin, as a strong uptrend and a cross above the key level at $100,000 could support Stellar’s bullish view.
  • Be cautious of the risk of a reversal, as Stellar is currently highly overbought.

Stay up-to-date with the latest news and developments in the cryptocurrency space. Visit Global Crypto News for more information and insights.

As the cryptocurrency market continues to evolve, it’s essential to stay informed and adapt to the changing landscape. With Stellar’s DeFi ecosystem and futures open interest reaching record highs, investors should be aware of the potential risks and opportunities.

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