Is Stellar (XLM) a good buy in July 2021?

Stellar (XLM) price is down more than 20% since the beginning of December. Should I invest?

Stellar XLM/USD is an open network developed with the goal of allowing money to be moved as well as stored and reach the world’s unbanked. Over time, it started helping financial firms connect with one another.

On July 13, Liquid Global announced their multi-chain support feature for deposits and withdrawals., and they added Stellar USDC. 

Liquid Global is a leading Asian cryptocurrency exchange, which means that Stellar USDC will become regularly available to a lot more users.

To celebrate its addition, all of the withdrawal fees were waived for Stellar USDC.

This in turn resulted in an increase in the usage of the Stellar network, which has the potential to increase the price of XLM. This is why we saw an increase in trading volume.

On July 16, Stellar ended up resolving a bug in their network nodes by getting them back in service through a protocol upgrade. 

Furthermore, the CAS-38 proposal is also ready for implementation with the Protocol 18 upgrade, which will improve liquidity through Automated Market Maker (AMM) implementation.

Should you buy Stellar (XLM)?

On July 16, Stellar (XLM) was worth $0.23.

Stellar achieved its all-time high on January 3, 2018, with a value of $0.87. This gives us a perspective as to how high we can optimally expect the token to get, assuming it managed to reach that value again.

To put its value into perspective, we need to look at the month of July. One of its highest points was on June 3, where it held a value of $0.43. One of its lowest points was on June 22, where it fell to $0.21. This indicated a decrease of 50%. At $0.23, it is still at a low, affordable point, which is exactly why it is a worthwhile purchase for a lot of cryptocurrency investors.

With all of the developments in place, as well as its addition to Liquid Global, and recent bug fixes as well as the CAS-38 proposal, and the Protocol 18 upgrade, we can expect an increase in its usage.

The increase in the usage of the Stellar network will result in a higher demand for the XLM tokens.

In fact, in the last 24 hours, we saw an increase in trading volume of 56% that signals a genuine interest in the token and actual usage.

This means that we can expect the value to go up to $0.30 by the end of July due to the fact that a lot more people will be interested in using the Stellar (XLM) cryptocurrency token.

The post Is Stellar (XLM) a good buy in July 2021? appeared first on Invezz.

Publication date: 
07/16/2021 - 16:59
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.