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Stellar Price Skyrockets Over 80%, XLM Rally to $1 Imminent?
Stellar price has seen a remarkable surge, climbing over 80% in the last 24 hours, rising to number one in the top gainers. The bullish momentum has pushed XLM from $0.302 to a peak of $0.55, as traders and analysts anticipate the possibility of the asset nearing the $1 mark.
Stellar Price Reaches $0.55 Amid Bullish Momentum
Stellar’s price rise reflects strong buying interest as it touched $0.55, marking a significant upward trend. After a period of consolidation around $0.40, the cryptocurrency broke through resistance levels, delivering impressive returns for investors.
Market participants have noted this upward movement as a sign of renewed confidence in the asset’s potential. However, the price also briefly retraced from its peak as it faced resistance at the $0.55 level, suggesting that $1 remains a potential milestone rather than an immediate outcome. Jed McCaleb, Stellar’s founder, has also added to the growing optimism surrounding the network.
In a recent statement, McCaleb commented on Stellar’s current momentum and its role in global financial systems. “Stellar is the most underrated and least understood crypto project,” McCaleb remarked, emphasizing its ability to facilitate real-world transactions and its high efficiency. He noted,
“The best and most impactful use of crypto is as digital money, and this is what Stellar is built for.”
Grayscale Stellar Lumens Trust Records 10% Asset Growth
Grayscale Investments LLC’s recent 10-K filing highlighted a 10% increase in the net assets of its Stellar Lumens Trust during the fiscal year ending September 2024.
Despite the challenges posed by XLM price fluctuations and management fees, the trust managed to grow its assets due to the addition of 34,875,230 XLM tokens valued at $3,923.
Trading activity around Stellar has surged, with derivatives markets experiencing substantial growth in both volume and open interest. The trading volume for XLM derivatives rose by 284.26%, reaching $8.98 billion, while open interest increased by 125.88% to $393.05 million.
The filing also outlined that the trust faced losses stemming from token depreciation earlier in the year, but these were offset by a robust recovery and asset inflows. The document underscores the growing institutional interest in Stellar as an investment vehicle, aligning with its recent market performance.
Analyst Predicts Multi-Year Price Pattern May Propel XLM to $3-$5
Cryptocurrency analysts have highlighted a multi-year price structure for Stellar, suggesting that it may be poised for further growth. A prominent market speculator, known as “Charting Guy,” recently shared a prediction that Stellar could achieve price targets between $3 and $5.
According to the analyst, XLM price has been forming a bullish “Adam and Eve” pattern on the monthly chart since 2017. This chart pattern is often associated with long-term upward momentum.
Charting Guy emphasized patience, indicating that the current rally could lead to substantial gains for long-term holders. A potential breakout from this pattern could result in a 930% to 1,617% increase from current levels, further reinforcing optimism in Stellar’s market trajectory.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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MUBARAK coin emerged as the latest hot buzz of the crypto sector, securing a prominent mark on traders’ and investors’ radars amid Binance founder CZ’s involvement in the meme coin. CZ recently hinted that he is Mubarak, a shilling cryptic move that sent shockwaves across the meme crypto industry. Now, with the crypto exchange titan itself revealing plans to launch a perpetual contract for the token, market sentiments over the crypto’s price prospects have turned highly bullish.
Notably, MUBARAK price is currently up 22% intraday in the wake of Changpeng Zhao spotlighting the token, further escorted by the CEX’s futures listing.
Mubarak Coin Gains Traction As It Secures Binance Listing
According to an official announcement dated March 17, Binance futures is launching a MUBARAKUSDT perpetual contract today at 13:30 UTC. The platform’s colossal user base remains primed to enjoy up to 25x leverage trading the new token.
This announcement by one of the top crypto exchanges ignited optimistic waves, paving the way for further investor interaction with the new asset. As market participants look to capitalize on emerging opportunities, a gush of money inflow into this meme token remains anticipated.
In turn, bullish market sentiments about MUBARAK coin’s price prevail across the broader market.
Is Binance’s CZ Mubarak?
CoinMarketCap’s data about this new token reveals that “CZ just subtly acknowledged that he’s Mubarak,” a cryptic move that sparked market discussions globally. On the other hand, a recent CoinGape report spotlights that CZ also bought $600 worth of the new meme coin, sparking a market frenzy.
When coupled with Binance’s futures listing, these developments add an extra layer of market optimism to the new token.
What’s More In The Listing Announcement?
Apart from enhanced trading support for MUBARAK coin, the crypto exchange behemoth unveiled Bubblemap’s (BMTUSDT) perpetual contract with up to 25x leverage. This announcement triggered 43% gains in the asset, reaching $0.1289, as indicated by the intraday trading chart.
MUBARAK Price Surges Over 20%
As of press time, MUBARAK price witnessed a 22% pump and exchanged hands at $0.09902. Notably, the coin hit an intraday peak of $0.1458, which was in sync with Binance’s announcement. Further, traders reacted positively to the abovementioned developments, as signaled by a 120% increase in the asset’s intraday trading volume to $165.45 million.
More Support From Binance?
Simultaneously, it’s noteworthy that in a previous announcement on Binance Alpha, the crypto exchange revealed support for the Mubarak coin. Binance Alpha is a platform featuring tokens that can be potentially considered for listings on the exchange moving ahead.
Overall, traders and investors anticipate potential gains in this newly launched token amid rising market demand and interest.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin Price Mirrors Gold’s 1970 Rally – A Six-Figure BTC Target of $250k Next?
Years after its inception, growing adoption and price rallies, Bitcoin gained the tag of the ‘digital gold.’ However, other than the name, there wasn’t much similarity until recently, as it began following the gold’s historical bull run pattern from the 1970s. With BTC trading at $83.2k and Gold near $3k, the parallel pattern between the two assets cannot be ignored.
If BTC moves on this bullish pattern, experts believe it could reach the anticipated six-figure $250k target. Let’s discuss the Bitcoin Vs gold trajectory and what this means for investors.
Bitcoin Vs. Gold: Bitcoin Price Mirrors Gold’s 1970s Bullish Pattern
In the mid-1970s, gold experienced a massive breakout after years of price consolidations. At that time, it resulted in exponential growth, and interestingly, Bitcoin went through a similar accumulation phase, followed by a period of consolidation.
More importantly, the Bitcoin Vs Gold chart analysis presents the Bitcoin price in the exact position that gold was before its explosive rally or bull run. Other than that, the major resistance levels have been tested multiple times, signaling an upcoming breakout.
Not to forget, the growing institutional adoption and U.S. Strategic Bitcoin Reserve formations show a similar influx of demand as with gold before its historic surge. As a result, investors anticipate an exponential rally to a six-figure high of $250k.
If the gold’s trajectory is followed, BTC can break out beyond $100k, as it has already set an ATH at $109k earlier. An extended Bitcoin bull run could push it towards $250k in the upcoming years.
Interestingly, many analysts and trading tools have shared similar Bitcoin price predictions, increasing the credibility of this Bitcoin vs gold pattern.
Bitcoin Price Chart Forms Descending Broadening Wedge, What’s Next?
Although the long trajectory for BTC remains optimistic, the current scenario is in a tough spot. The token currently trades at $83.2k and stands 24% away from its ATH per CoinmarketCap.
Interestingly, the BTC price chart was forming a bullish pennant pattern before but now has turned into a descending broadening wedge per analysts on the 1-hour time frame.
As a result, this indicates the increased volatility and the possibility of the breakout only if it breaks the resistance at $84.1K. The key resistance is $84.1k, so a breakout above this could trigger a rally. In addition, the key support is at $81k, so the maintenance of this level is crucial.
Bullish Pennant turned into Descending Broadening Wedge in 1h TF chart. Bulls need to clear the 84.1k resistance to confirm the breakout. I’m still bullish, says crypto analysts Captain Faibik
Interestingly, once the BTC crosses over the resistance, it could hit $86k-$88k in the short term and six figures in the long term.
Conclusion: Bitcoin to Hit Six Figures with Gold’s Bullish Pattern
The Bitcoin price action is similar to gold’s actions in the 1970s, which resulted in one of the biggest rallies. Further continuity of this pattern will result in a breakout. However, this is based on recent stats, so the trajectory may change with upcoming macroeconomic events like the U.S. Fed decision and market performance.
So, investors must cautiously analyze BTC’s trajectory, especially as it is in a descending broadening wedge pattern, where it needs to clear $84.1k to confirm the bullish uptrend.
Frequently Asked Questions (FAQs)
Bitcoin has followed similar price actions as gold did before its 1970s bull run, including accumulation and consolidation phases.
BTC currently trades at $$83.2k after following the descending broadening wedge pattern, pushing it into a temporary downtrend.
The key resistance for BTC lies at $84.1k, and a breakout above this could ensure an uptrend, but a collapse below the key support of $81k could result in a crash.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The crypto market concluded yet another week, primarily sparking investor optimism with recovering price trajectories. Bitcoin (BTC) price recovered from a $76K low to reach $84K right ahead of the U.S. FOMC next week. Whereas, major-league altcoins also mimicked price gains. The global cryptocurrency market cap again embarked upon a trajectory towards the $3 trillion mark as the week comes to an end.
Mentioned below are some of the top crypto market updates reported by CoinGape Media over the past week.
Crypto Market: Bitcoin Advancements This Week
The flagship crypto has witnessed significant developments over the past seven days, keeping investors optimistic despite price turbulence. Notably, global financial services firm Cantor Fitzgerald launched a $2 billion Bitcoin financing business, partnering with Anchorage Digital and Copper for secure institutional access.
On the other hand, Cathie Wood’s Ark Invest expanded its Bitcoin holdings, accumulating 997 BTC worth $80 million via Coinbase this week.
Also, despite the recent market turmoil, 95% of investors in the U.S. spot Bitcoin ETFs continue to hold onto their holdings. As a result, market watchers continue weighing optimism over long-term price prospects.
It’s also noteworthy that the Singapore Exchange (SGX) is planning to launch Bitcoin futures contracts shortly ahead.
Moreover, Deutsche Boerse’s post-trade unit Clearstream plans to launch Bitcoin & Ethereum custody services by the end of this year. Mentioned above are the top crypto market updates orbiting Bitcoin over the past week.
Are Prices Bracing For Macro Events?
Meanwhile, the broader market shows a recovery-like trend ahead of the U.S. FOMC next week. Set to occur on March 19, the monetary policymaking decision remains much eyed by investors globally.
Market-wide expectations of unchanged interest rates by the U.S. Fed prevail at the moment. Also, the latest U.S. CPI data indicated cooling inflation, offering some support to risk assets. In turn, traders and investors speculate whether a price recovery is possible after the turmoil caused by Donald Trump’s tariff saga.
Global markets, including crypto, took severe heat previously, although recent price actions signal that a recovery and bull cycle continuation might be on the horizon.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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