V&agrave;o n&#259;m 2017, Stellar (XLM) &#273;&atilde; c&oacute; m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; ngo&#7841;n m&#7909;c, t&#7915; ch&#7881; v&agrave;i cent l&ecirc;n &#273;&#7871;n &#273;&#7881;nh &#273;i&#7875;m 0.93 USD. S&#7921; t&#259;ng tr&#432;&#7903;ng n&agrave;y &#273;&atilde; mang l&#7841;i l&#7907;i nhu&#7853;n kh&#7893;ng l&#7891; cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432;. &#272;&#7871;n n&#259;m 2025, m&#7897;t s&#7889; t&iacute;n hi&#7879;u cho th&#7845;y XLM c&oacute; th&#7875; &#273;ang chu&#7849;n b&#7883; l&#7863;p l&#7841;i th&agrave;nh t&iacute;ch &#273;&oacute; trong qu&yacute; 4.
Nh&#7919;ng t&iacute;n hi&#7879;u &#273;&oacute; l&agrave; g&igrave; v&agrave; ch&uacute;ng c&oacute; th&#7875; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng nh&#432; th&#7871; n&agrave;o? D&#432;&#7899;i &#273;&acirc;y l&agrave; ph&acirc;n t&iacute;ch chi ti&#7871;t.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-1-stellar-network-activity-hits-a-yearly-high">1. Ho&#7841;t &#273;&#7897;ng m&#7841;ng Stellar &#273;&#7841;t m&#7913;c cao nh&#7845;t trong n&#259;m</h2>

Theo d&#7919; li&#7879;u t&#7915; Artemis, ho&#7841;t &#273;&#7897;ng m&#7841;ng c&#7911;a Stellar, &#273;&#432;&#7907;c &#273;o b&#7857;ng ch&#7881; s&#7889; Stellar Operations, &#273;&atilde; &#273;&#7841;t m&#7913;c cao nh&#7845;t trong n&#259;m qua.
&ldquo;Stellar Operations&rdquo; &#273;&#7873; c&#7853;p &#273;&#7871;n c&aacute;c h&agrave;nh &#273;&#7897;ng c&aacute; nh&acirc;n &#273;&#432;&#7907;c th&#7921;c hi&#7879;n tr&ecirc;n m&#7841;ng Stellar, nh&#432; chuy&#7875;n ti&#7873;n, giao d&#7883;ch tr&ecirc;n s&agrave;n giao d&#7883;ch phi t&#7853;p trung (DEX), ho&#7863;c th&#7921;c thi h&#7907;p &#273;&#7891;ng th&ocirc;ng minh. Nh&#7919;ng h&agrave;nh &#273;&#7897;ng n&agrave;y th&#7875; hi&#7879;n vi&#7879;c s&#7917; d&#7909;ng m&#7841;ng th&#7921;c s&#7921;, kh&ocirc;ng ph&#7909; thu&#7897;c v&agrave;o bi&#7871;n &#273;&#7897;ng gi&aacute;.
<img style="height:400px;width:640px;" decoding="async" alt="Stellar Operations. Source: Artemis." class="wp-image-759226 lazy" loading="lazy" src="https://assets.beincrypto.com/img/tJaLtE_0p3n8vsDIgbK6pWLSrlo=/smart/386e1ddad46944e9b73771c31c35eead">Stellar Operations. Ngu&#7891;n: <a href="https://app.artemisanalytics.com/chart-builder/%7B%22title%22%3A%22Stellar%20-%20Operations%22%2C%22series_metadata%22%3A%5B%7B%22asset%22%3A%7B%22group%22%3A%22APPLICATION%22%2C%22value%22%3A%22stellar%22%2C%22friendly_name%22%3A%22Stellar%22%2C%22symbol%22%3A%22xlm%22%2C%22icon%22%3A%22https%3A%2F%2Fres.cloudinary.com%2Fdgdsz4rvi%2Fimage%2Fupload%2Fv1730749176%2Fthumbnails%2Fstellar_fhuq50.png%22%7D%2C%22metric%22%3A%7B%22value%22%3A%22OPERATIONS%22%2C%22label%22%3A%22Operations%22%2C%22description%22%3A%22Number%20of%20operations%20on%20Stellar.%20Operations%20are%20individual%20actions%20performed%20on%20a%20Stellar%20account%20that%20are%20grouped%20into%20a%20transaction.%22%2C%22source%22%3A%22Source%3A%20Artemis%22%2C%22unit%22%3A%22NOMINAL%22%2C%22aggregation%22%3A%22SUM%22%2C%22categories%22%3A%5B%7B%22value%22%3A%22usage_data%22%2C%22label%22%3A%22Usage%20Data%22%7D%5D%2C%22cuts%22%3A%5B%7B%22granularity%22%3A%22DAY%22%2C%22dimension_type%22%3A%22TOTAL%22%7D%5D%2C%22internal_data_source%22%3A%22catalog%22%2C%22methodology%22%3A%22%22%7D%2C%22series_type%22%3A%22line%22%2C%22display%22%3A%22timeline%22%2C%22scale%22%3A%22linear%22%2C%22units%22%3A%22raw%22%2C%22color%22%3A%22%2308b5e5%22%2C%22y_axis%22%3A0%7D%5D%2C%22display_settings%22%3A%7B%22granularity%22%3A%22sixMonths%22%2C%22aggregation_granularity%22%3A%22DAY%22%7D%2C%22permissions%22%3A%7B%22access_right%22%3A%22VIEWER%22%2C%22sharing_status%22%3A%22PUBLIC%22%7D%2C%22is_favorite%22%3Afalse%2C%22description%22%3A%22Number%20of%20operations%20on%20Stellar.%20Operations%20are%20individual%20actions%20performed%20on%20a%20Stellar%20account%20that%20are%20grouped%20into%20a%20transaction.%22%7D" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>

D&#7919; li&#7879;u cho th&#7845;y m&#7841;ng Stellar hi&#7879;n x&#7917; l&yacute; h&#417;n 69 tri&#7879;u giao d&#7883;ch h&agrave;ng tu&#7847;n v&agrave; con s&#7889; n&agrave;y ti&#7871;p t&#7909;c t&#259;ng. Ho&#7841;t &#273;&#7897;ng m&#7841;ng cao th&#432;&#7901;ng c&#7911;ng c&#7889; gi&aacute; tr&#7883; n&#7897;i t&#7841;i c&#7911;a m&#7897;t blockchain, <a href="https://beincrypto.com/learn/buy-stellar/" target="_blank" rel="noreferrer noopener">thu h&uacute;t th&ecirc;m ng&#432;&#7901;i d&ugrave;ng</a> v&agrave; nh&agrave; &#273;&#7847;u t&#432;.
Trong nh&#7919;ng th&aacute;ng g&#7847;n &#273;&acirc;y, Stellar c&#361;ng &#273;&atilde; <a href="https://vn.beincrypto.com/3-positive-signs-for-the-stellar-network/" target="_blank" rel="noreferrer noopener">m&#7903; r&#7897;ng quan h&#7879; &#273;&#7889;i t&aacute;c v&#7899;i c&aacute;c t&#7893; ch&#7913;c</a>. V&iacute; d&#7909;, Uphold, m&#7897;t n&#7873;n t&#7843;ng giao d&#7883;ch ti&#7873;n &#273;i&#7879;n t&#7917; l&#7899;n, g&#7847;n &#273;&acirc;y &#273;&atilde; <a href="https://x.com/UpholdInc/status/1976382458653282596" target="_blank" rel="noreferrer noopener nofollow">t&iacute;ch h&#7907;p</a> EURC, m&#7897;t stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7857;ng Euro do Circle ph&aacute;t h&agrave;nh, l&ecirc;n m&#7841;ng Stellar. Trong khi &#273;&oacute;, PayPal USD <a href="https://vn.beincrypto.com/paypal-usd-stellar-xlm-price/" target="_blank" rel="noreferrer noopener">&#273;&atilde; ra m&#7855;t tr&ecirc;n Stellar th&aacute;ng tr&#432;&#7899;c</a>.
Nh&#7919;ng h&#7907;p t&aacute;c n&agrave;y c&oacute; kh&#7843; n&#259;ng &#273;&atilde; th&uacute;c &#273;&#7849;y ho&#7841;t &#273;&#7897;ng tr&ecirc;n chu&#7895;i c&#7911;a Stellar.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">2. M&#7889;i t&#432;&#417;ng quan c&#7911;a XLM v&#7899;i BTC v&agrave; ETH &#273;&#7841;t &#273;&#7881;nh cao h&agrave;ng n&#259;m</h2>

M&#7889;i t&#432;&#417;ng quan gi&#7919;a XLM v&agrave; c&aacute;c t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; l&#7899;n nh&#432; Bitcoin (BTC) v&agrave; Ethereum (ETH) &#273;&atilde; t&#259;ng &#273;&#7873;u &#273;&#7863;n trong su&#7889;t n&#259;m 2025.
Theo Ch&#7881; s&#7889; T&#432;&#417;ng quan Spearman c&#7911;a CoinMetrics, t&#432;&#417;ng quan XLM-BTC kho&#7843;ng 0.75, trong khi t&#432;&#417;ng quan XLM-ETH dao &#273;&#7897;ng g&#7847;n 0.7.
<img style="height:400px;width:640px;" decoding="async" alt="Correlation between XLM, ETH, and BTC. Source: CoinMetrics" class="wp-image-759227 lazy" loading="lazy" src="https://assets.beincrypto.com/img/QdcfRLsNPHbSOd6n8HXh__2RsSE=/smart/994e8437a7c44a92bdeef1415138a8b3">T&#432;&#417;ng quan gi&#7919;a XLM, ETH v&agrave; BTC. Ngu&#7891;n: <a href="https://charts.coinmetrics.io/dashboard" target="_blank" rel="noreferrer noopener nofollow">CoinMetrics</a>

M&#7889;i t&#432;&#417;ng quan m&#7841;nh m&#7869; n&agrave;y mang l&#7841;i cho XLM m&#7897;t l&#7907;i th&#7871; chi&#7871;n l&#432;&#7907;c v&igrave; n&oacute; c&oacute; xu h&#432;&#7899;ng di chuy&#7875;n c&ugrave;ng h&#432;&#7899;ng v&#7899;i BTC v&agrave; ETH. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch d&#7921; &#273;o&aacute;n r&#7857;ng BTC c&oacute; th&#7875; <a href="https://vn.beincrypto.com/bitcoin-price-uptober-rally-200k-target/" target="_blank" rel="noreferrer noopener">&#273;&#7841;t 200,000 USD</a> v&agrave; ETH c&oacute; th&#7875; <a href="https://vn.beincrypto.com/standard-chartered-ethereum-price-us-crypto-news/" target="_blank" rel="noreferrer noopener">t&#259;ng l&ecirc;n 7,500 USD</a> trong qu&yacute; 4.
Trong <a href="https://vn.beincrypto.com/why-many-portfolios-still-show-no-profit-amid-altcoin-season/" target="_blank" rel="noreferrer noopener">m&ugrave;a altcoin ch&#7885;n l&#7885;c</a> hi&#7879;n t&#7841;i, m&#7889;i t&#432;&#417;ng quan n&agrave;y quan tr&#7885;ng h&#417;n bao gi&#7901; h&#7871;t. S&#7921; &#273;&#7891;ng nh&#7845;t cao v&#7899;i BTC v&agrave; ETH cho th&#7845;y r&#7857;ng c&aacute;c nh&agrave; &#273;&#7847;u t&#432; xem XLM c&oacute; m&#7913;c &#273;&#7897; r&#7911;i ro v&agrave; ti&#7873;m n&#259;ng t&#259;ng tr&#432;&#7903;ng t&#432;&#417;ng t&#7921; v&#7899;i c&aacute;c t&agrave;i s&#7843;n h&agrave;ng &#273;&#7847;u tr&ecirc;n th&#7883; tr&#432;&#7901;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">3. T&#7927; l&#7879; cung &#7913;ng b&igrave;nh &#273;&#7859;ng (SER) gi&#7843;m cho th&#7845;y s&#7921; t&iacute;ch l&#361;y</h2>

T&#7927; l&#7879; C&acirc;n b&#7857;ng Cung (SER), m&#7897;t ch&#7881; s&#7889; &#273;o l&#432;&#7901;ng m&#7913;c &#273;&#7897; ph&acirc;n ph&#7889;i token gi&#7919;a c&aacute;c v&iacute; nh&#7887; v&agrave; l&#7899;n, &#273;&atilde; gi&#7843;m trong th&aacute;ng qua, cho th&#7845;y xu h&#432;&#7899;ng t&iacute;ch l&#361;y t&#259;ng gi&aacute;.
CoinMetrics <a href="https://gitbook-docs.coinmetrics.io/network-data/network-data-overview/supply/current-supply#ser" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7883;nh ngh&#297;a</a> SER l&agrave; t&#7927; l&#7879; gi&#7919;a ngu&#7891;n cung do c&aacute;c &#273;&#7883;a ch&#7881; nh&#7887; n&#7855;m gi&#7919; v&agrave; ngu&#7891;n cung do 1% &#273;&#7883;a ch&#7881; h&agrave;ng &#273;&#7847;u n&#7855;m gi&#7919;. V&#7873; c&#417; b&#7843;n, n&oacute; ph&#7843;n &aacute;nh c&aacute;ch t&agrave;i s&#7843;n &#273;&#432;&#7907;c ph&acirc;n ph&#7889;i tr&ecirc;n m&#7841;ng l&#432;&#7899;i Stellar.
S&#7921; gia t&#259;ng d&agrave;i h&#7841;n c&#7911;a SER cho th&#7845;y s&#7921; ph&acirc;n ph&#7889;i token r&#7897;ng r&atilde;i h&#417;n gi&#7919;a c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;. Tuy nhi&ecirc;n, s&#7921; gi&#7843;m m&#7841;nh c&#7911;a SER th&#432;&#7901;ng b&aacute;o hi&#7879;u r&#7857;ng c&aacute;c v&iacute; l&#7899;n &#273;ang t&iacute;ch l&#361;y tr&#432;&#7899;c m&#7897;t &#273;&#7897;ng th&aacute;i gi&aacute; l&#7899;n, m&#7897;t m&ocirc; h&igrave;nh li&ecirc;n quan &#273;&#7871;n h&agrave;nh vi c&#7911;a &ldquo;ti&#7873;n th&ocirc;ng minh&rdquo;.
<img style="height:400px;width:640px;" decoding="async" alt="XLM Supply Equality Ratio (SER). Source: CoinMetrics." class="wp-image-759229 lazy" loading="lazy" src="https://assets.beincrypto.com/img/YaJBKaY_GzSOHMr8FYtk6-CRwfg=/smart/6a545e0b32d0467b8f7784130b01a97f">T&#7927; l&#7879; C&acirc;n b&#7857;ng Cung XLM (SER). Ngu&#7891;n: <a href="https://charts.coinmetrics.io/dashboard" target="_blank" rel="noreferrer noopener nofollow">CoinMetrics</a>.

L&#7883;ch s&#7917; cho th&#7845;y, s&#7921; gi&#7843;m &#273;&aacute;ng k&#7875; c&#7911;a SER v&agrave;o cu&#7889;i n&#259;m 2024 &#273;&atilde; b&aacute;o tr&#432;&#7899;c m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; l&#7899;n. M&ocirc; h&igrave;nh n&agrave;y ng&#7909; &yacute; r&#7857;ng 1% ng&#432;&#7901;i n&#7855;m gi&#7919; h&agrave;ng &#273;&#7847;u c&#7911;a Stellar c&oacute; th&#7875; &#273;&atilde; chu&#7849;n b&#7883; cho m&#7897;t &#273;&#7897;ng th&aacute;i l&#7899;n kh&aacute;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">4. C&#7845;u tr&uacute;c gi&aacute; c&#7911;a XLM cho th&#7845;y kh&#7843; n&#259;ng b&#7913;t ph&aacute;</h2>

T&#7915; g&oacute;c &#273;&#7897; ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t, m&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch &#273;&atilde; nh&#7853;n th&#7845;y r&#7857;ng c&#7845;u tr&uacute;c gi&aacute; c&#7911;a XLM gi&#7889;ng v&#7899;i thi&#7871;t l&#7853;p t&#259;ng gi&aacute; c&#7911;a n&#259;m 2017.
Tr&ecirc;n bi&#7875;u &#273;&#7891; h&agrave;ng tu&#7847;n, XLM &#273;&atilde; ph&aacute; v&#7905; m&#7897;t m&ocirc; h&igrave;nh n&ecirc;m gi&#7843;m d&agrave;i h&#7841;n, m&#7897;t m&ocirc; h&igrave;nh t&#432;&#417;ng t&#7921; nh&#432; qu&yacute; 4 n&#259;m 2017 &ndash; khi m&#7897;t &#273;&#7907;t ph&aacute; v&#7905; t&#432;&#417;ng t&#7921; d&#7851;n &#273;&#7871;n m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; m&#7841;nh.
<img style="height:400px;width:640px;" decoding="async" alt="" class="wp-image-759238 lazy" style="width:1024px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/oF0MbM93ydvJ5k0IHAFjjRGtMEg=/smart/188910146a04491fbe4ac8692234c2c1">Hi&#7879;u su&#7845;t gi&aacute; XLM 2017 so v&#7899;i 2025. Ngu&#7891;n: <a href="https://x.com/EtherNasyonaL" target="_blank" rel="noreferrer noopener nofollow">EtherNasyonaL</a>

<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&#7845;u tr&uacute;c n&#259;m 2017 v&agrave; 2025 tr&ecirc;n bi&#7875;u &#273;&#7891; h&agrave;ng tu&#7847;n c&#7911;a XLM r&#7845;t gi&#7889;ng nhau. C&#7843; hai &#273;&#7873;u cho th&#7845;y m&#7897;t &#273;&#7907;t ph&aacute; v&#7905; sau m&#7897;t m&ocirc; h&igrave;nh n&ecirc;m gi&#7843;m k&eacute;o d&agrave;i. &#272;&#7907;t ph&aacute; v&#7905; n&#259;m 2017 d&#7851;n &#273;&#7871;n m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; m&#7841;nh. Thi&#7871;t l&#7853;p n&#259;m 2025 d&#432;&#7901;ng nh&#432; &#273;ang h&igrave;nh th&agrave;nh tr&ecirc;n c&ugrave;ng m&#7897;t n&#7873;n t&#7843;ng k&#7929; thu&#7853;t,&rdquo; m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/EtherNasyonaL/status/1975676976250638730" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
</blockquote>

Nh&igrave;n v&agrave;o nh&#7919;ng th&aacute;ng g&#7847;n &#273;&acirc;y, XLM c&#361;ng &#273;&atilde; <a href="https://x.com/CryptosBatman/status/1975885521101656158" target="_blank" rel="noreferrer noopener nofollow">ph&aacute; v&#7905;</a> m&#7897;t &#273;&#432;&#7901;ng xu h&#432;&#7899;ng gi&#7843;m k&eacute;o d&agrave;i nhi&#7873;u th&aacute;ng. S&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a th&aacute;ng 10 c&oacute; th&#7875; l&agrave; m&#7897;t l&#7847;n ki&#7875;m tra l&#7841;i tr&#432;&#7899;c khi <a href="https://beincrypto.com/learn/stellar-price-prediction/" target="_blank" rel="noreferrer noopener">m&#7897;t &#273;&#7897;ng th&aacute;i t&#259;ng gi&aacute; ti&#7873;m n&#259;ng b&#7855;t &#273;&#7847;u</a>.
M&#7863;c d&ugrave; b&#7889;n y&#7871;u t&#7889; n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7913;c m&#7841;nh n&#7897;i t&#7841;i c&#7911;a XLM, &aacute;p l&#7921;c t&#7915; th&#7883; tr&#432;&#7901;ng b&ecirc;n ngo&agrave;i v&#7851;n c&ograve;n. Th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; r&#7897;ng l&#7899;n h&#417;n c&oacute; th&#7875; v&#7851;n ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&aacute;ch th&#7913;c t&#7915; c&aacute;c y&#7871;u t&#7889; kinh t&#7871; v&#297; m&ocirc;, bao g&#7891;m <a href="https://vn.beincrypto.com/us-recession-warning-signs-october-2025/" target="_blank" rel="noreferrer noopener">lo ng&#7841;i suy tho&aacute;i</a> v&agrave; s&#7921; thay &#273;&#7893;i ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; <a href="https://vn.beincrypto.com/us-dollar-hits-2-month-high/" target="_blank" rel="noreferrer noopener nofollow">&#7903; ch&acirc;u &Acirc;u</a> v&agrave; <a href="https://vn.beincrypto.com/japanese-yen-carry-trade-crisis-global-market-risk/" target="_blank" rel="noreferrer noopener nofollow">Nh&#7853;t B&#7843;n</a>. Nh&#7919;ng y&#7871;u t&#7889; n&agrave;y c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p c&aacute;c bi&#7871;n &#273;&#7897;ng gi&aacute; ti&#7873;n &#273;i&#7879;n t&#7917; trong nh&#7919;ng th&aacute;ng t&#7899;i.

Liệu Stellar (XLM) có thể lặp lại đợt tăng giá năm 2017? 4 tín hiệu cho thấy sự bứt phá trong quý 4

V&agrave;o n&#259;m 2017, Stellar (XLM) &#273;&atilde; c&oacute; m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; ngo&#7841;n m&#7909;c, t&#7915; ch&#7881; v&agrave;i cent l&ecirc;n &#273;&#7871;n &#273;&#7881;nh &#273;i&#7875;m 0.93 USD. S&#7921; t&#259;ng tr&#432;&#7903;ng n&agrave;y &#273;&atilde; mang l&#7841;i l&#7907;i nhu&#7853;n kh&#7893;ng l&#7891; cho c&aacute;c nh&agrave; &#273;&#7847;u t&#432;. &#272;&#7871;n n&#259;m 2025, m&#7897;t s&#7889; t&iacute;n hi&#7879;u cho th&#7845;y XLM c&oacute; th&#7875; &#273;ang chu&#7849;n b&#7883; l&#7863;p l&#7841;i th&agrave;nh t&iacute;ch &#273;&oacute; trong qu&yacute; 4.
Nh&#7919;ng t&iacute;n hi&#7879;u &#273;&oacute; l&agrave; g&igrave; v&agrave; ch&uacute;ng c&oacute; th&#7875; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng nh&#432; th&#7871; n&agrave;o? D&#432;&#7899;i &#273;&acirc;y l&agrave; ph&acirc;n t&iacute;ch chi ti&#7871;t.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-1-stellar-network-activity-hits-a-yearly-high">1. Ho&#7841;t &#273;&#7897;ng m&#7841;ng Stellar &#273;&#7841;t m&#7913;c cao nh&#7845;t trong n&#259;m</h2>

Theo d&#7919; li&#7879;u t&#7915; Artemis, ho&#7841;t &#273;&#7897;ng m&#7841;ng c&#7911;a Stellar, &#273;&#432;&#7907;c &#273;o b&#7857;ng ch&#7881; s&#7889; Stellar Operations, &#273;&atilde; &#273;&#7841;t m&#7913;c cao nh&#7845;t trong n&#259;m qua.
&ldquo;Stellar Operations&rdquo; &#273;&#7873; c&#7853;p &#273;&#7871;n c&aacute;c h&agrave;nh &#273;&#7897;ng c&aacute; nh&acirc;n &#273;&#432;&#7907;c th&#7921;c hi&#7879;n tr&ecirc;n m&#7841;ng Stellar, nh&#432; chuy&#7875;n ti&#7873;n, giao d&#7883;ch tr&ecirc;n s&agrave;n giao d&#7883;ch phi t&#7853;p trung (DEX), ho&#7863;c th&#7921;c thi h&#7907;p &#273;&#7891;ng th&ocirc;ng minh. Nh&#7919;ng h&agrave;nh &#273;&#7897;ng n&agrave;y th&#7875; hi&#7879;n vi&#7879;c s&#7917; d&#7909;ng m&#7841;ng th&#7921;c s&#7921;, kh&ocirc;ng ph&#7909; thu&#7897;c v&agrave;o bi&#7871;n &#273;&#7897;ng gi&aacute;.
<img style="height:400px;width:640px;"decoding="async" alt="Stellar Operations. Source: Artemis." class="wp-image-759226 lazy" loading="lazy" src="https://assets.beincrypto.com/img/tJaLtE_0p3n8vsDIgbK6pWLSrlo=/smart/386e1ddad46944e9b73771c31c35eead">Stellar Operations. Ngu&#7891;n: <a href="https://app.artemisanalytics.com/chart-builder/%7B%22title%22%3A%22Stellar%20-%20Operations%22%2C%22series_metadata%22%3A%5B%7B%22asset%22%3A%7B%22group%22%3A%22APPLICATION%22%2C%22value%22%3A%22stellar%22%2C%22friendly_name%22%3A%22Stellar%22%2C%22symbol%22%3A%22xlm%22%2C%22icon%22%3A%22https%3A%2F%2Fres.cloudinary.com%2Fdgdsz4rvi%2Fimage%2Fupload%2Fv1730749176%2Fthumbnails%2Fstellar_fhuq50.png%22%7D%2C%22metric%22%3A%7B%22value%22%3A%22OPERATIONS%22%2C%22label%22%3A%22Operations%22%2C%22description%22%3A%22Number%20of%20operations%20on%20Stellar.%20Operations%20are%20individual%20actions%20performed%20on%20a%20Stellar%20account%20that%20are%20grouped%20into%20a%20transaction.%22%2C%22source%22%3A%22Source%3A%20Artemis%22%2C%22unit%22%3A%22NOMINAL%22%2C%22aggregation%22%3A%22SUM%22%2C%22categories%22%3A%5B%7B%22value%22%3A%22usage_data%22%2C%22label%22%3A%22Usage%20Data%22%7D%5D%2C%22cuts%22%3A%5B%7B%22granularity%22%3A%22DAY%22%2C%22dimension_type%22%3A%22TOTAL%22%7D%5D%2C%22internal_data_source%22%3A%22catalog%22%2C%22methodology%22%3A%22%22%7D%2C%22series_type%22%3A%22line%22%2C%22display%22%3A%22timeline%22%2C%22scale%22%3A%22linear%22%2C%22units%22%3A%22raw%22%2C%22color%22%3A%22%2308b5e5%22%2C%22y_axis%22%3A0%7D%5D%2C%22display_settings%22%3A%7B%22granularity%22%3A%22sixMonths%22%2C%22aggregation_granularity%22%3A%22DAY%22%7D%2C%22permissions%22%3A%7B%22access_right%22%3A%22VIEWER%22%2C%22sharing_status%22%3A%22PUBLIC%22%7D%2C%22is_favorite%22%3Afalse%2C%22description%22%3A%22Number%20of%20operations%20on%20Stellar.%20Operations%20are%20individual%20actions%20performed%20on%20a%20Stellar%20account%20that%20are%20grouped%20into%20a%20transaction.%22%7D" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>

D&#7919; li&#7879;u cho th&#7845;y m&#7841;ng Stellar hi&#7879;n x&#7917; l&yacute; h&#417;n 69 tri&#7879;u giao d&#7883;ch h&agrave;ng tu&#7847;n v&agrave; con s&#7889; n&agrave;y ti&#7871;p t&#7909;c t&#259;ng. Ho&#7841;t &#273;&#7897;ng m&#7841;ng cao th&#432;&#7901;ng c&#7911;ng c&#7889; gi&aacute; tr&#7883; n&#7897;i t&#7841;i c&#7911;a m&#7897;t blockchain, <a href="https://beincrypto.com/learn/buy-stellar/" target="_blank" rel="noreferrer noopener">thu h&uacute;t th&ecirc;m ng&#432;&#7901;i d&ugrave;ng</a> v&agrave; nh&agrave; &#273;&#7847;u t&#432;.
Trong nh&#7919;ng th&aacute;ng g&#7847;n &#273;&acirc;y, Stellar c&#361;ng &#273;&atilde; <a href="https://vn.beincrypto.com/3-positive-signs-for-the-stellar-network/" target="_blank" rel="noreferrer noopener">m&#7903; r&#7897;ng quan h&#7879; &#273;&#7889;i t&aacute;c v&#7899;i c&aacute;c t&#7893; ch&#7913;c</a>. V&iacute; d&#7909;, Uphold, m&#7897;t n&#7873;n t&#7843;ng giao d&#7883;ch ti&#7873;n &#273;i&#7879;n t&#7917; l&#7899;n, g&#7847;n &#273;&acirc;y &#273;&atilde; <a href="https://x.com/UpholdInc/status/1976382458653282596" target="_blank" rel="noreferrer noopener nofollow">t&iacute;ch h&#7907;p</a> EURC, m&#7897;t stablecoin &#273;&#432;&#7907;c h&#7895; tr&#7907; b&#7857;ng Euro do Circle ph&aacute;t h&agrave;nh, l&ecirc;n m&#7841;ng Stellar. Trong khi &#273;&oacute;, PayPal USD <a href="https://vn.beincrypto.com/paypal-usd-stellar-xlm-price/" target="_blank" rel="noreferrer noopener">&#273;&atilde; ra m&#7855;t tr&ecirc;n Stellar th&aacute;ng tr&#432;&#7899;c</a>.
Nh&#7919;ng h&#7907;p t&aacute;c n&agrave;y c&oacute; kh&#7843; n&#259;ng &#273;&atilde; th&uacute;c &#273;&#7849;y ho&#7841;t &#273;&#7897;ng tr&ecirc;n chu&#7895;i c&#7911;a Stellar.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">2. M&#7889;i t&#432;&#417;ng quan c&#7911;a XLM v&#7899;i BTC v&agrave; ETH &#273;&#7841;t &#273;&#7881;nh cao h&agrave;ng n&#259;m</h2>

M&#7889;i t&#432;&#417;ng quan gi&#7919;a XLM v&agrave; c&aacute;c t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; l&#7899;n nh&#432; Bitcoin (BTC) v&agrave; Ethereum (ETH) &#273;&atilde; t&#259;ng &#273;&#7873;u &#273;&#7863;n trong su&#7889;t n&#259;m 2025.
Theo Ch&#7881; s&#7889; T&#432;&#417;ng quan Spearman c&#7911;a CoinMetrics, t&#432;&#417;ng quan XLM-BTC kho&#7843;ng 0.75, trong khi t&#432;&#417;ng quan XLM-ETH dao &#273;&#7897;ng g&#7847;n 0.7.
<img style="height:400px;width:640px;"decoding="async" alt="Correlation between XLM, ETH, and BTC. Source: CoinMetrics" class="wp-image-759227 lazy" loading="lazy" src="https://assets.beincrypto.com/img/QdcfRLsNPHbSOd6n8HXh__2RsSE=/smart/994e8437a7c44a92bdeef1415138a8b3">T&#432;&#417;ng quan gi&#7919;a XLM, ETH v&agrave; BTC. Ngu&#7891;n: <a href="https://charts.coinmetrics.io/dashboard" target="_blank" rel="noreferrer noopener nofollow">CoinMetrics</a>

M&#7889;i t&#432;&#417;ng quan m&#7841;nh m&#7869; n&agrave;y mang l&#7841;i cho XLM m&#7897;t l&#7907;i th&#7871; chi&#7871;n l&#432;&#7907;c v&igrave; n&oacute; c&oacute; xu h&#432;&#7899;ng di chuy&#7875;n c&ugrave;ng h&#432;&#7899;ng v&#7899;i BTC v&agrave; ETH. C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch d&#7921; &#273;o&aacute;n r&#7857;ng BTC c&oacute; th&#7875; <a href="https://vn.beincrypto.com/bitcoin-price-uptober-rally-200k-target/" target="_blank" rel="noreferrer noopener">&#273;&#7841;t 200,000 USD</a> v&agrave; ETH c&oacute; th&#7875; <a href="https://vn.beincrypto.com/standard-chartered-ethereum-price-us-crypto-news/" target="_blank" rel="noreferrer noopener">t&#259;ng l&ecirc;n 7,500 USD</a> trong qu&yacute; 4.
Trong <a href="https://vn.beincrypto.com/why-many-portfolios-still-show-no-profit-amid-altcoin-season/" target="_blank" rel="noreferrer noopener">m&ugrave;a altcoin ch&#7885;n l&#7885;c</a> hi&#7879;n t&#7841;i, m&#7889;i t&#432;&#417;ng quan n&agrave;y quan tr&#7885;ng h&#417;n bao gi&#7901; h&#7871;t. S&#7921; &#273;&#7891;ng nh&#7845;t cao v&#7899;i BTC v&agrave; ETH cho th&#7845;y r&#7857;ng c&aacute;c nh&agrave; &#273;&#7847;u t&#432; xem XLM c&oacute; m&#7913;c &#273;&#7897; r&#7911;i ro v&agrave; ti&#7873;m n&#259;ng t&#259;ng tr&#432;&#7903;ng t&#432;&#417;ng t&#7921; v&#7899;i c&aacute;c t&agrave;i s&#7843;n h&agrave;ng &#273;&#7847;u tr&ecirc;n th&#7883; tr&#432;&#7901;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">3. T&#7927; l&#7879; cung &#7913;ng b&igrave;nh &#273;&#7859;ng (SER) gi&#7843;m cho th&#7845;y s&#7921; t&iacute;ch l&#361;y</h2>

T&#7927; l&#7879; C&acirc;n b&#7857;ng Cung (SER), m&#7897;t ch&#7881; s&#7889; &#273;o l&#432;&#7901;ng m&#7913;c &#273;&#7897; ph&acirc;n ph&#7889;i token gi&#7919;a c&aacute;c v&iacute; nh&#7887; v&agrave; l&#7899;n, &#273;&atilde; gi&#7843;m trong th&aacute;ng qua, cho th&#7845;y xu h&#432;&#7899;ng t&iacute;ch l&#361;y t&#259;ng gi&aacute;.
CoinMetrics <a href="https://gitbook-docs.coinmetrics.io/network-data/network-data-overview/supply/current-supply#ser" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7883;nh ngh&#297;a</a> SER l&agrave; t&#7927; l&#7879; gi&#7919;a ngu&#7891;n cung do c&aacute;c &#273;&#7883;a ch&#7881; nh&#7887; n&#7855;m gi&#7919; v&agrave; ngu&#7891;n cung do 1% &#273;&#7883;a ch&#7881; h&agrave;ng &#273;&#7847;u n&#7855;m gi&#7919;. V&#7873; c&#417; b&#7843;n, n&oacute; ph&#7843;n &aacute;nh c&aacute;ch t&agrave;i s&#7843;n &#273;&#432;&#7907;c ph&acirc;n ph&#7889;i tr&ecirc;n m&#7841;ng l&#432;&#7899;i Stellar.
S&#7921; gia t&#259;ng d&agrave;i h&#7841;n c&#7911;a SER cho th&#7845;y s&#7921; ph&acirc;n ph&#7889;i token r&#7897;ng r&atilde;i h&#417;n gi&#7919;a c&aacute;c nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;. Tuy nhi&ecirc;n, s&#7921; gi&#7843;m m&#7841;nh c&#7911;a SER th&#432;&#7901;ng b&aacute;o hi&#7879;u r&#7857;ng c&aacute;c v&iacute; l&#7899;n &#273;ang t&iacute;ch l&#361;y tr&#432;&#7899;c m&#7897;t &#273;&#7897;ng th&aacute;i gi&aacute; l&#7899;n, m&#7897;t m&ocirc; h&igrave;nh li&ecirc;n quan &#273;&#7871;n h&agrave;nh vi c&#7911;a &ldquo;ti&#7873;n th&ocirc;ng minh&rdquo;.
<img style="height:400px;width:640px;"decoding="async" alt="XLM Supply Equality Ratio (SER). Source: CoinMetrics." class="wp-image-759229 lazy" loading="lazy" src="https://assets.beincrypto.com/img/YaJBKaY_GzSOHMr8FYtk6-CRwfg=/smart/6a545e0b32d0467b8f7784130b01a97f">T&#7927; l&#7879; C&acirc;n b&#7857;ng Cung XLM (SER). Ngu&#7891;n: <a href="https://charts.coinmetrics.io/dashboard" target="_blank" rel="noreferrer noopener nofollow">CoinMetrics</a>.

L&#7883;ch s&#7917; cho th&#7845;y, s&#7921; gi&#7843;m &#273;&aacute;ng k&#7875; c&#7911;a SER v&agrave;o cu&#7889;i n&#259;m 2024 &#273;&atilde; b&aacute;o tr&#432;&#7899;c m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; l&#7899;n. M&ocirc; h&igrave;nh n&agrave;y ng&#7909; &yacute; r&#7857;ng 1% ng&#432;&#7901;i n&#7855;m gi&#7919; h&agrave;ng &#273;&#7847;u c&#7911;a Stellar c&oacute; th&#7875; &#273;&atilde; chu&#7849;n b&#7883; cho m&#7897;t &#273;&#7897;ng th&aacute;i l&#7899;n kh&aacute;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">4. C&#7845;u tr&uacute;c gi&aacute; c&#7911;a XLM cho th&#7845;y kh&#7843; n&#259;ng b&#7913;t ph&aacute;</h2>

T&#7915; g&oacute;c &#273;&#7897; ph&acirc;n t&iacute;ch k&#7929; thu&#7853;t, m&#7897;t s&#7889; nh&agrave; ph&acirc;n t&iacute;ch &#273;&atilde; nh&#7853;n th&#7845;y r&#7857;ng c&#7845;u tr&uacute;c gi&aacute; c&#7911;a XLM gi&#7889;ng v&#7899;i thi&#7871;t l&#7853;p t&#259;ng gi&aacute; c&#7911;a n&#259;m 2017.
Tr&ecirc;n bi&#7875;u &#273;&#7891; h&agrave;ng tu&#7847;n, XLM &#273;&atilde; ph&aacute; v&#7905; m&#7897;t m&ocirc; h&igrave;nh n&ecirc;m gi&#7843;m d&agrave;i h&#7841;n, m&#7897;t m&ocirc; h&igrave;nh t&#432;&#417;ng t&#7921; nh&#432; qu&yacute; 4 n&#259;m 2017 &ndash; khi m&#7897;t &#273;&#7907;t ph&aacute; v&#7905; t&#432;&#417;ng t&#7921; d&#7851;n &#273;&#7871;n m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; m&#7841;nh.
<img style="height:400px;width:640px;"decoding="async" alt="" class="wp-image-759238 lazy" style="width:1024px;height:auto" loading="lazy" src="https://assets.beincrypto.com/img/oF0MbM93ydvJ5k0IHAFjjRGtMEg=/smart/188910146a04491fbe4ac8692234c2c1">Hi&#7879;u su&#7845;t gi&aacute; XLM 2017 so v&#7899;i 2025. Ngu&#7891;n: <a href="https://x.com/EtherNasyonaL" target="_blank" rel="noreferrer noopener nofollow">EtherNasyonaL</a>

<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&#7845;u tr&uacute;c n&#259;m 2017 v&agrave; 2025 tr&ecirc;n bi&#7875;u &#273;&#7891; h&agrave;ng tu&#7847;n c&#7911;a XLM r&#7845;t gi&#7889;ng nhau. C&#7843; hai &#273;&#7873;u cho th&#7845;y m&#7897;t &#273;&#7907;t ph&aacute; v&#7905; sau m&#7897;t m&ocirc; h&igrave;nh n&ecirc;m gi&#7843;m k&eacute;o d&agrave;i. &#272;&#7907;t ph&aacute; v&#7905; n&#259;m 2017 d&#7851;n &#273;&#7871;n m&#7897;t &#273;&#7907;t t&#259;ng gi&aacute; m&#7841;nh. Thi&#7871;t l&#7853;p n&#259;m 2025 d&#432;&#7901;ng nh&#432; &#273;ang h&igrave;nh th&agrave;nh tr&ecirc;n c&ugrave;ng m&#7897;t n&#7873;n t&#7843;ng k&#7929; thu&#7853;t,&rdquo; m&#7897;t nh&agrave; ph&acirc;n t&iacute;ch <a href="https://x.com/EtherNasyonaL/status/1975676976250638730" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a>.
</blockquote>

Nh&igrave;n v&agrave;o nh&#7919;ng th&aacute;ng g&#7847;n &#273;&acirc;y, XLM c&#361;ng &#273;&atilde; <a href="https://x.com/CryptosBatman/status/1975885521101656158" target="_blank" rel="noreferrer noopener nofollow">ph&aacute; v&#7905;</a> m&#7897;t &#273;&#432;&#7901;ng xu h&#432;&#7899;ng gi&#7843;m k&eacute;o d&agrave;i nhi&#7873;u th&aacute;ng. S&#7921; bi&#7871;n &#273;&#7897;ng c&#7911;a th&aacute;ng 10 c&oacute; th&#7875; l&agrave; m&#7897;t l&#7847;n ki&#7875;m tra l&#7841;i tr&#432;&#7899;c khi <a href="https://beincrypto.com/learn/stellar-price-prediction/" target="_blank" rel="noreferrer noopener">m&#7897;t &#273;&#7897;ng th&aacute;i t&#259;ng gi&aacute; ti&#7873;m n&#259;ng b&#7855;t &#273;&#7847;u</a>.
M&#7863;c d&ugrave; b&#7889;n y&#7871;u t&#7889; n&agrave;y l&agrave;m n&#7893;i b&#7853;t s&#7913;c m&#7841;nh n&#7897;i t&#7841;i c&#7911;a XLM, &aacute;p l&#7921;c t&#7915; th&#7883; tr&#432;&#7901;ng b&ecirc;n ngo&agrave;i v&#7851;n c&ograve;n. Th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; r&#7897;ng l&#7899;n h&#417;n c&oacute; th&#7875; v&#7851;n ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&aacute;ch th&#7913;c t&#7915; c&aacute;c y&#7871;u t&#7889; kinh t&#7871; v&#297; m&ocirc;, bao g&#7891;m <a href="https://vn.beincrypto.com/us-recession-warning-signs-october-2025/" target="_blank" rel="noreferrer noopener">lo ng&#7841;i suy tho&aacute;i</a> v&agrave; s&#7921; thay &#273;&#7893;i ch&iacute;nh s&aacute;ch ti&#7873;n t&#7879; <a href="https://vn.beincrypto.com/us-dollar-hits-2-month-high/" target="_blank" rel="noreferrer noopener nofollow">&#7903; ch&acirc;u &Acirc;u</a> v&agrave; <a href="https://vn.beincrypto.com/japanese-yen-carry-trade-crisis-global-market-risk/" target="_blank" rel="noreferrer noopener nofollow">Nh&#7853;t B&#7843;n</a>. Nh&#7919;ng y&#7871;u t&#7889; n&agrave;y c&oacute; th&#7875; l&agrave;m ph&#7913;c t&#7841;p c&aacute;c bi&#7871;n &#273;&#7897;ng gi&aacute; ti&#7873;n &#273;i&#7879;n t&#7917; trong nh&#7919;ng th&aacute;ng t&#7899;i.