The crypto market is experiencing a wave of capitulation, and Stellar is no exception to this trend.
Stellar Volatility and Pressured Metrics
Stellar is under pressure as its price has dropped by 1.76% to $0.2873 over the last 24 hours, according to CoinMarketCap data. A significant 26.9% drop in trading volume indicates reduced market participation. XLM retains only 0.68% of its weekly gains, while its competitor XRP remains up 7.27%.
Altcoin Market Seeing Uncertainty
The downturn in XLM's price mirrors a general trend in the altcoin market. Ethereum has decreased by 2.35%, falling below the $2,000 support level. Solana is also experiencing a drawdown at 1.1%, showing a similar trend. Despite the recent surge following the lawsuit dismissal against Ripple, the current market correlation may indicate forthcoming changes.
Despite hopes for the beginning of an altcoin season, the market remains in a state of uncertainty and volatility, requiring close monitoring of changing trends.
