Stellar Lumens [XLM] touches one-year low, bearish momentum persists
A persisting bearish momentum is plaguing Stellar Lumens [XLM] prices. The cryptocurrency has fallen throughout the year failing to record gains. Stellar hasn’t announced any major updates this year apart from Trezor hardware wallet support. The Stellar core upgrade that took place last year failed to drive a bullish momentum for the prices. XLM is still witnessing negative investor sentiment in the market. It has lost over 6% in value in a week’s trading. The crypto token has hit the consolidation mode today. The current support level for the crypto asset can be traced at $0.078. The prices are eyeing to trade back above $0.08.
About Stellar Lumens (XLM): Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost. Stellar is based on a consensus algorithm rather than mining. This means transactions confirm in a few seconds.The supply of lumen increases at a fixed rate of 1% a year.Stellar aims to let you transact in your currency of choice (fiat or digital). The hope is that the currency itself will be mostly a behind-the-scenes currency, and that the Stellar network will help provide more liquidity between currencies. One lumen (XLM) is a unit of digital currency, like a bitcoin.Lumens are the native asset of the Stellar network.Native means that lumens are built into the network. Asset is how the network refers to an item of value that is stored on the ledger.One lumen is a unit of digital currency, like a bitcoin.While you can’t hold a lumen in your hand, they are essential to the Stellar network—they contribute to the ability to move money around the world and to conduct transactions between different currencies quickly and securely. The Stellar network offers the innovative features of a shared public ledger on a distributed, global database—often referred to as blockchain technology. The Stellar network’s built-in currency, the lumen, serves two purposes:First, lumens play a small anti-spam role.Lumens are needed for transaction fees and minimum balances on accounts on the Stellar network in order to prevent people from overwhelming the network and to aid in prioritization.Each transaction has a minor fee—0.00001 lumens—associated with it. This fee prevents users with malicious intentions from flooding the network (otherwise known as a DoS attack). Lumens serve as a security measure that mitigates DoS attacks that attempt to generate large numbers of transactions or consume large amounts of space in the ledger.Similarly, the Stellar network requires all accounts to hold a minimum balance of 0.5 lumens. This requirement incentivizes users to declutter the ledger by eliminating abandoned accounts, thereby that ensuring that all accounts are likely to have economic utility on the network.Second, lumens may facilitate multi-currency transactions.Lumens sometimes facilitate trades between pairs of currencies between which there is not a large direct market, acting as a bridge. This function is possible when there is a liquid market between the lumen and each currency involved.
Stellar Lumens (XLM) is the 9th largest cryptocurrency by market cap size. Its market cap is currently $1,434,449,991 and it has a circulating supply of 19,168,570,823 XLM. It's down 4.89% over the past 24 hours and is currently trading at $0.074833.