Stellar jumps 8% as Bitcoin taps $8,000; what will push XLM even higher?

For the third or fourth day in a row, bulls have taken control of the cryptocurrency market. Save for Tether’s USDT, Cosmos, and a few other outliers, the top digital assets posted strong gains, pushing the market capitalization of the crypto market back above $200 million for the first time in weeks.

Bitcoin itself posted 6 percent gains, surging as high as $8,000 on Jan. 6, but it wasn’t BTC that was setting the pace, it was seemingly XRP and Stellar Lumens (XLM).

Stellar Lumens rallies 8%, following XRP’s footsteps

In the past 24 hours, XLM rallied by 8 percent, with the price of the popular altcoin reaching as high as $0.0495 as buyers have stepped in en-masse. This surge has been aided by relatively high volumes, with CoinMarketCap reporting that pairs related to the cryptocurrency have seen $255 million worth of trades in the past 24 hours, corroborating the idea that this surge is valid.

It isn’t clear what pushed XLM higher on Jan 6, though there are a few theories floating around.

The foremost of these being that XRP’s surge led to similar gains in the price of XLM.

Earlier Jan. 6, CryptoSlate reported that XRP saw quite the surge as Bitcoin pressed higher, rallying by 12 percent to the current price of $0.22 from multi-year lows around $0.18 established just a week or two weeks earlier.

XLM effectively underwent the exact same bout of price action, strongly rallying higher off multi-year lows in the wake of XRP, described as a “cousin” of XLM.

Add to that the fact that both XRP and XLM have been some of the worst-performing cryptocurrencies over the past few years, implying that they should see stronger relief bounces than other altcoins, and this theory makes even more sense.

What can push XLM higher?

While XLM has already seen an impressive performance over the past few days, there may be a confluence of fundamental factors that will push the cryptocurrency higher and higher.

Firstly, in December, the Stellar Development Foundation and Keybase, a…

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