Stellars's <a href="https://news.u.today/news/stellar-xlm-price-pumps-like-crazy-up-by-more-than-40-percent">XLM has overnight surged</a> by more than 25%. This kind of move has not been reported in the crypto world for some time now. This remarkable move has further triggered other altcoins to break recent resistances reviving the alt season. Other altcoins recorded gains of up to 15% on Wednesday. Surprisingly, Bitcoin seems to be stalling and after days of trading within the $10,200 range has fallen below $10K at the time of press.

For Sellar holders, despite troubling times recently, the last 24 hours have been nothing but profitable. However, can the altcoin maintain the momentum? To really answer this, it depends on what triggered the rally?
<h3>What Triggered Stellar To Rally?</h3>
Well, a number of investors believe that there was foul play. Since there is no clear and distinct catalyst, there is suspicion of price manipulation. This not unheard of in the crypto market and can therefore not be disqualified. On the other hand, prior to the surge, there was a management change in the project. This looks the more likely cause for the overnight surge. Interstellar appointed a new CEO, Mike Kennedy. This, however, does not warrant a 25% jump overnight not to mention the change happened a few days ago.

Given that there is no real development behind the surge, it is unlikely the asset will be able to maintain the momentum. The recent jump that sees the asset trade above $0.08, means the asset is now % below all-time highs. There is still a long way to go for the asset before getting back to the desired ATH positions.
<h3>The Altseason Could Be Back</h3>
The recent surge from around altcoins has revived bullish sentiments for an all season. Led by <a href="https://www.cryptoknowmics.com/news/why-are-xrp-holders-pushing-for-ripple-to-stop-xrp-dumping">Ripple's XRP</a>, ETH, and XLM, altcoins look set to dominate the market. Boosting them is the fact that Bitcoin has been losing in dominance since the start of the week. Despite being over 70% in recent times, this is now headed to 65%. Its price is also reflecting this as the asset has at the time of press slipped below $10K. There is expected to be strong support above $9,700 but with altcoins dictating movement, Bitcoin could be in further trouble.

Stellar Surges By 25% In A Sensational Move Overnight, What Triggered The Rally?

In a spectacular move, Stellar has surged by more than 25% overnight. Will XLM maintain the same momentum and hit new highs in the days to come?

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Stellar Surges By 25% In A Sensational Move Overnight, What Triggered The Rally?

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