Amazing! Stellar Lumens (XLM) Surges By More Than 25% In A Day. But What Caused the Rally?

Stellar Lumens (XLM) trading will be available on popular Tokyo-based cryptocurrency exchange, Coincheck, from November 12, 2019. It will also include depositing, selling and buying of XLM on both web browsers and mobile applications.

The exchange is already the hub of ten cryptocurrencies: BTC, XRP, ETH, LTC, BCH, MONA, ETC, LSK, FCT, and XEM. Hence, XLM becomes the eleventh cryptocurrency to score a listing on the exchange.

As of now, XLM is the best performer with more than 10% gains over the last 24 hour period.

XLM Leads The Charge With 10% Gains

Stellar Lumens (XLM) is noticeably leading the crypto market resurgence today. The digital asset is currently trading at $0.07555 with an impressive 10.62% gains, making it the biggest gainer today.

Stellar Gets Listed On Japan Crypto Exchange Coincheck As XLM Leads Crypto Market ResurgenceXLMUSD Chart By TradingView

It has also recaptured the tenth spot on CoinMarketCap’s crypto ranking with a market cap of $1.4 billion. UNUS SED LEO, Chainlink and Maker are also seeing modest gains. LEO is up by 4.35%, Chainlink 4.03%, and Maker 5.93%.

The majority of the top ten cryptocurrencies are seeing slight gains, with the exception of XRP, Bitcoin Cash and Bitcoin SV which are down by 0.32%, 0.58%, and 1.54% respectively. The world’s largest cryptocurrency, bitcoin, is up just 0.57% on a daily scale to trade at $9,194.18.

The market capitalization of the aggregate cryptocurrency market currently stands at $246,909,770,792.

Stellar’s Recent Noteworthy Developments

Recently, Stellar completed its scheduled Protocol 12 update successfully, effectively eliminating inflation in the XLM protocol. After lengthy discussions, the Stellar Development Foundation (SDF) decided that the inflation mechanism prior to the Protocol 12 update was not beneficial for projects building on the platform and would spur scalability issues in future. SDF announced new proposals for the update in late September and these modifications were successfully integrated a few days ago. 

Following the Protocol 12 update, Binance announced that it would only distribute XLM staking rewards within the first five days of November before discontinuing the XLM staking program.

Also, Travala, a crypto-focused travel, and hotel booking service, recently added Stellar and Cardano as native payment options for bookings.

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