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Stellar XLM Drops By 10% Recording New Year Low As The Market Wipes Out Over $6 Billion

29 january 2019, 11:10 by John Kiguru

Stellar XLM Drops By 10% Recording New Year Low As The Market Wipes Out Over $6 Billion

The new week has seen the market bleed with most crypto prices plummeting. At the time of press, the total market cap has taken a hit of over $6 billion, much of which was wiped out in the early hours of Monday. The market plummeting and loss across almost all altcoins followed a slip by the crypto leader, bitcoin, which dropped below a key support level- $3,500. Across the market, coins have lost 5% to 15% of their value.

Among the biggest losers has been Stellar XLM which has lost over 10% of its value. Following this recent fall, Stellar has recorded a new year low of a little over $0.08. The drop from Stellar has not only been accredited to the wider market plummeting but also by emerging rumors that Stellar developers have been dumping their tokens.

Although it would not be of concern seeing developers selling their token to fund the project, the regularity of this has had a couple of people concerned. The regular dumping of millions of Stellar by developers could be a sign that all is not well with the project according to the speculators.

So far, Stellar has not shown any sign of slowing down. The coin is yet to find any support from which it can bounce back up and make a price correction.

The next couple of days will be key for Stellar with a response from the team being highly anticipated. The response, coupled with the movement of the wider market will dictate whether the coin continues recording losses or makes a turnaround.

Given the trend Stellar has now set, the coin will find it hard to find an upward trend in the short-term. In the mid-term, the wider market finding stability and positive news around the Stellar project could trigger a bullish run.

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