Ranked as the 10th largest cryptocurrency on coinmarketcap.com, Stellar (XLM) has a market capitalization of USD 1,563 million. XLM currently trades at USD 0.07796, down 91.7% from its all-time high of USD 0.938144.
Overall, XLM has been one of the top projects for a long time and could be one of the top performers when the Altcoin market reverses.
XLM Key Developments:
1) Stellar Development Foundation burns more than half of Lumen supply with new strategy focus (Link)
· Stellar Development Foundation burns 55 billion Lumens, which is more than half of XLM supply
· By burning these tokens, the Stellar Development Foundation can help reassure investors of future stability in price.
2) Binance US considers listing 30 cryptocurrencies, including Binance Coin (Link)
· Binance US that its efforts to launch a cryptocurrency exchange in the USA are proceeding rapidly and among one of the 30 currencies listed will be XLM
· The official public launch date for Binance US is yet to be decided by the exchange and will likely lead to positive growth for the currencies listed.
3) Custodian Anchorage adds support for Tezos and Stellar, hoping to lure investors with staking returns (Link)
· Crypto custodian Anchorage will add Tezos ($XTZ) and Stellar ($XLM) to its list of eligible assets, making it first regulated entity to offer support for Stellar
· Earlier this year, Anchorage announced a unique staking solution that doesn't rely on holding client funds in cold storage.
a) Daily adjusted USD transaction value
According to coinmetrics.io, the daily adjusted USD transaction value for XLM stands at USD 37.88M, which represents a 1.94% increase from USD 37.16M million last week. The transaction count was in line with the change in transaction value, increasing 0.92% to 276k from 273.48K last week.
Note: 1) Line chart represents the adjusted USD transaction value (LHS); 2) Area chart represents transaction count (RHS)
b) Active Addresses
According to coinmetrics.io, the active addresses count for XLM stands at 32.5k, which represents a 2.5% decline from 33.335k last week.
Note: Line chart represents active address count (LHS)
c) Adjusted NVT Ratio
According to coinmetrics.io, the adjusted NVT ratio for XLM stands at 230.27, up from 189 last week. The NVT expansion has underperformed transaction activity.
Note: 1) Line chart represents the NVT ratio (LHS); 2) Area chart represents adjusted USD transaction value (RHS)
Overall, an increase in volatility can be seen for the various metrics mentioned above, a trend which was also confirmed by the increased volatility in the price. A significant increase in activity count was not seen, which along with the decrease in active addresses count, indicates that the price fluctuations are due to the influence of larger market players.