Stellar (XLM) has recorded significant investor interest within the last 24 hours, and the asset looks set to take on AVAX. According to CoinMarketCap data, the trading volume of XLM has soared by 24% within the time under consideration.
XLM gains momentum amid AVAX struggles
This 24% surge has taken XLM’s trading volume to $343.46 million. Analysts say XLM’s trading volume could help trigger a shift in the asset’s price movement.
As of this writing, XLM is changing hands at $0.3318, representing a 1.81% decline. However, the increased investor interest could reverse its downward journey and push it to higher levels.
Market observers maintain that a significant price increase could drive XLM’s market capitalization value from its current $10.16 billion to about $10.5 billion.
If this happens, Stellar may displace AVAX from 12th place in terms of market cap.
AVAX’s market cap is $10.43 billion, but market dynamics do not favor the coin.
Notably, investor interest in AVAX is mild compared to that of Stellar. Trading volume for AVAX is slightly up by 8.63% to $370.62 million compared to the 24% surge in XLM.
Additionally, the AVAX market price is also down by 5.22% in the last 24 hours to change hands at $25.33.
Investor confidence in XLM strengthens
Experts maintain that if the current trend continues, Stellar could quickly flip AVAX in the ranking of assets by market cap.
XLM has been gathering momentum in the crypto space, with its Total Value Locked (TVL) rising significantly in the last few days. This signals growing confidence from investors in the asset.
Analysts have projected that XLM could recover by as high as 16% after it experienced volatility recently. Many argue that XLM was consolidating and could test critical resistance levels in its rebound journey.
