Stellar Price Rallies, XLM is Back in Top 10
Stellar’s XLM not only came back among the top 10 coins by market capitalization, but it made a grand entrance too, following a string of developments and announcements, among which a network update and a listing on an infamous exchange.
Stellar pushed out Tron (TRX) from the 10th spot on the list of top 10 coins, and is currently (13:46 UTC) one of the best performing coins on that list with nine coins in red. Looking at the 7-day period, it’s in the 4th place with a rise of 13.6%, after Bitcoin Cash (BCH), Bitcoin (BTC), and EOS (EOS), in that order.
However, looking at the 24-hour values, XLM is not only leading, but it’s the only winner as the only coin in green. As a matter of fact, it went up 8.6% in this period of time.
XLM price chart:
The charts clearly show this major jump. In the last 30 days, the price of XLM went through a number of rises and drops, with the lowest price being USD 0.057 earlier in October, while the highest until October 30th was USD 0.067. However, on October 31st, the price dropped to USD 0.062, which was followed by a gradual rise to USD 0.064 in the early hours of November 1st, then a 9.67% jump to its highest price in the entire 30-day period of USD 0.071 in a matter of hours. XLM is currently trading at c. USD 0.069.
This is far from being the first time that Stellar has either overtaken Tron, or led the entire top 10 category for that matter. Just a bit over a month ago, during its rally near the end of September, we’ve discussed its major jump and possible reasons behind it. Since then, Stellar has been listed today on Japanese crypto exchange Coincheck, which is known in the Cryptosphere for one of the largest hacks ever. Also, on October 29th, hotel booking service Travala.com added XLM as a payment options, which could be used to book at 1.65 million hotels globally in 230 countries, the announcement states.
On the more technical side, some particularly relevant news came out, as the Stellar network successfully upgraded to protocol v12 on October 28th, bringing new versions of both Stellar-core and Horizon (an API server for the Stellar ecosystem). Among other things, this update disabled the inflation mechanism, as per the September 30th proposal, stating that it's not benefiting projects building on Stellar and will cause scalability issues in the future. Additionally, on October 30th, there was a testnet reset, and Stellar discussed the key elements of the Stellar Consensus Protocol on October 31st for the users to understand them in simpler terms.
Furthermore, Stellar has been preparing for its first conference, Meridian, coming in the first week of November in Mexico City, with a number of speakers across the industry already announced, while they’ve also participated today in the 2nd Annual Blockchain San Francisco Week.
Meanwhile, check out some of the many reactions on Twitter.