XLM, the native digital currency of the Stellar blockchain, has gained the attention of the cryptocurrency community over the course of the last two days with its highly remarkable performance. The price value of XLM has exploded by more than 60 percent within the duration of just two days, which helped the coin to blast through the price level of $0.30.
XLM Sets New Two-Year High Value
During the past seven days, the price value of XLM soared by more than 150 percent, while on the other hand, it was able to secure nearly 60 percent gains during the last two days. With this amazing price rally, the coin moved past its two-year high value by breaking through the mark of $0.38 on the 6th of January. The coin has reached this price level for the first time in the past two years.
It is now trading in the extremely bullish zone while trading at around $0.33 at the time of writing. If we look at the weekly gains of the coin, it is still up by more than 158 percent. It is the only cryptocurrency, at the moment, whose weekly price gains are above 150%.
Moreover, due to this price rally, the market cap of XLM also was able to break through the figure of $7 billion. With this market cap, it managed to enter into the list of the top ten digital currencies in the world by market value and is currently standing in the ninth spot.
What Boosted The Price Growth Of XLM?
XLM has seen such a potential price growth after a very long time. Recently, the government of Ukraine announced that it has selected the Stellar blockchain for developing its national central bank digital currency (CBDC). According to some cryptocurrency analysts, this announcement of the Ukrainian government might have boosted this price growth of the ninth-ranked digital currency.
Moreover, another factor that could be behind this growth is the ongoing legal battle between Ripple Labs and the United States’ SEC agency, which has affected XRP, the native digital currency of the remittance payments firm, very badly.