Stellar price rises 7% as crypto market rebounds up

Stellar (XLM) is again in the green today, gaining seven percent in the last 24 hours to reach just over $0.067.

Stellar has been on an uptrend since late-December and has gained more than 50% in this time. It is now at its highest value since November 2019.

Moreover, the price of Stellar has made strong gains against Bitcoin (BTC) in the last month, with XLM/BTC improving by almost 14% in this time. XLM is now worth 0.00000717 BTC, its highest value since mid-January.

Stellar's recent price action comes as a result of several bullish events in recent months. Late last year, the Stellar Foundation burned more than half of the Stellar supply and canceled a much-maligned airdrop that aimed to give away two billion XLM tokens.

At the same time, practically the entire cryptocurrency market also witnessed an upturn, leading to significant growth among mid-cap cryptocurrencies.

Despite today's price action, Stellar has actually fallen down the list of largest cryptocurrencies over the last two months. It now sits at position 13—down from 12th in late December. This is because other altcoins, including Ethereum Classic (ETC), Cardano (ADA) and Tezos (XTZ), experienced even greater growth over the same period.

Stellar isn't the only coin in the green today. The entire cryptocurrency market cap is up more than $7 billion—equivalent to an average change of +2.7% for most cryptocurrencies. And Bitcoin has hit a remarkable milestone too.