Stellar Cryptocurrency Lives Up to Name With 40% July Gains

Bitcoin's 26 percent rally left many a cryptocurrency in the dust over the course of July.

The bitcoin dominance rate, a widely used indicator that tracks the percentage of the total crypto market cap contributed by bitcoin, rose to 48 percent, up from 42 percent, to record a 7-month high over the 31-day period, a function of money shifting from alternative cryptocurrencies into bitcoin.

That said, not every alternative cryptocurrency saw gains.

Ether, the cryptocurrency that powers the ethereum blockchain, and the second-largest cryptocurrency by total value, as an example, recorded a monthly loss.

Fueled by interest from the most influential U.S. exchange, Coinbase, the news the startup is considering an XLM listing revved up investor interest, spiking 13 percent on the news.

Along the ride, stellar would go on to hold its gains eventually displacing litecoin to become the world's sixth largest cryptocurrency by market capitalization - valued today just north of $5 billion.

XLM began its monthly ascent on July 13, reaching its monthly high of $0.36 12 days later when it showed a 93 percent gain from the month's open of $0.19.

When July came to a close, Stellar finalized its 40 percent month-to-month appreciation.

Price closed above the two-month long descending trendline on July 14, a bullish signal seen in the chart above, and continued its journey past the 200 day exponential moving average to the 0.618 Fibonacci Retracement.

Its monthly high mark of $0.36 was set shortly after on July 25.