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Token retrospective analysis: Stellar (XLM) in the red market

The market has been brutal to many tokens this week. In this, we explore how Stellar has managed in November and if it can pull up again.

Written by Rebecca Leighton Published on

What a chaotic week. Coins have been dripping in red with hints of green only to hit red again. In this, explore whether the Stellar protocol has survived the madness.

This time a month ago, Stellar was sitting as the sixth most valued cryptocurrency by market cap and was trading at a value of $0.245073 USD. In October, it was totaling a market cap of $4,630,271,121 USD.

Moving ahead to the present, Stellar has moved up to rank five most valuable cryptocurrency and is trading for $0.199462 USD, with a total market cap of $3,819,675,093 USD.

This means that the network has lost 18.6% of its trading value over the past month, while its market cap has similarly diminished by approximately 17.5%.

Looking at the charts, we can see that there was a sharp spike at the beginning of November, and although it was followed by a rapid downward, the trend seemed positive for two weeks until the market boat was rocked. Hard. On the 12th of November, Stellar was selling for $0.2831 USD – the peak of the month – and shortly thereafter, the prices kept slipping. Although the markets have seemed to stop declining now, Stellar is still facing red.

The token is currently trading at a 0.67% decline in day-on-day values.  If the rest of the market can hold out and maintain a positive trajectory, it is likely that Stellar will follow. Here’s hoping black Friday tomorrow might yield some green.

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Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton

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