Stellar Lumens [XLM] feels the brunt of the bear; cryptocurrency market sees red

The cryptocurrency markets opened today, 9th October, to a bearish spread which was reversed towards the end of the day. The bear’s grip was felt by almost all the cryptocurrencies including popular coins like XRP, Bitcoin Cash [BCH] and Stellar Lumens [XLM]. The market showed a shift in behavior from the previous day when a majority of the cryptocurrencies were riding the bull.

Stellar Lumens [XLM] had also witnessed a major change a few days back when the cryptocurrency jumped over EOS to become the 5th biggest cryptocurrency by market cap. Although the difference was only a $100 million, the past 24-hour pump of 26% has given the XLM investors something to brag about.

At the time of writing, XLM was falling at the rate of 0.81% and was trading for $0.245. The cryptocurrency was holding a market cap of $4.630 billion with a 24-hour market volume of $45.282 million. The majority of Stellar Lumens trade was coming in from Binance, with a total trade volume of $8.813 million. Binance was closely followed by BitMart which encompassed $5.759 million of the total XLM trade. Stellar had recently set a new milestone where the cryptocurrency recorded 1 million accounts on their ledger.

Stellar Lumens 24-hour chart | Source: CoinMarketCap

Stellar Lumens 24-hour chart | Source: CoinMarketCap

Stellar’s recent achievements include acquiring Chain, a San Francisco based start-up building blockchain technology for the financial industry. The data showed that the trading figures had drastically reduced by 95.5% in over two months.

Recently, China’s biggest exchange platform Huobi had started trading XLM on their platform. Additionally, IBM the technology giant confirmed that Stellar’s digital asset will be used by some of the biggest banks in foreign exchange corridors.

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