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Stellar Price Rallies 10% as Market Recovers from Wednesday Woes

Last Updated March 4, 2021 5:06 PM
Josiah Wilmoth
Last Updated March 4, 2021 5:06 PM

The Stellar price rallied by 10 percent on Thursday, outpacing its peers as the market recovered from Wednesday’s precipitous slump.

Stellar Price Embarks on Double-Digit Rally

Stellar was the market’s clear headliner, and its double-digit percentage advance carried its seven-day performance back into positive territory. XLM is now up three percent for the week.

At present, the Stellar price is valued at $0.37 on Binance after dipping below $0.33 earlier in the day. Stellar now has a $7 billion market cap, which ranks it eighth on the market cap charts and gives it a $1.8 billion edge on its closest competitor.

stellar price
XLM Price Chart

Stellar trading volume is fairly well-distributed for an altcoin, with no single exchange accounting for more than a quarter of the token’s global volume. That said, a significant amount of XLM trading is currently concentrated in South Korea, where it trades against the won at a slight premium over most other trading pairs.

Market Recovers from Wednesday Slump

stellar price
Source: CoinMarketCap

There is no clear trigger for Stellar’s single-day price rally, but it comes amidst a wider market recovery that has seen the cryptocurrency market cap inch back toward $400 billion after briefly dipping to $380 billion. At present, the overall market is valued at $395 billion, which represents an intraday recovery of approximately four percent.

Bitcoin and Litecoin remain in the red for the day, but the other eight cryptocurrencies in the top 10 have managed to rise against the US dollar. Stellar, however, is the only one to achieve a double-digit percentage advance.

The Ethereum price is up two percent for the day to $630, while the Ripple price has increased by one percent to $0.80.

Bitcoin Cash and EOS have each increased by four percent and are now trading at respective global averages of $1,326 and $14.53.

Seventh-ranked Cardano climbed by two percent to $0.27, and IOTA rallied three percent to $1.87.

NEO, tenth-largest cryptocurrency, rose by one-half-of-one percent to $71.

Featured image from Shutterstock.