Stellar, the eight-largest digital cryptocurrency, has been the best performing major digital coin over the past 24 hours, recent market data shows.
While the cryptocurrency market has seen a bit of an uptick in recent trading, major coins, such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have largely struggled to overcome a market-wide pullback. Stellar, however, has managed to buck this trend and regain most of the ground it lost on Wednesday.
Stellar’s performance on Wednesday was largely in line with the larger trend, as the digital coin suffered a steep price correction. The coin fell by more than 14% to end the session at $0.339.
The situation changed dramatically shortly after the start of today’s session, with Stellar experiencing a strong rebound that pushed the Stellar price to an intraday high of $0.386. The cryptocurrency has retreated in to lower levels in more recent trading, with its price currently hovering around the $0.38 level.
Recent trading volume data suggests that Stellar has seen a notable increase in volume in today’s trading. According to cryptocurrency tracker Coinmarketcap, nearly $156 million worth of XLM tokens have been traded over the past 24 hours, compared with the $130.7 million that changed hands during yesterday’s session.
Hong Kong-based crypto exchange Binance is the most popular destination for XLM trades, capturing 23.7% of the global market activity. South Korea’s leading exchange Upbit is not far behind, capturing nearly 21% of the volume.
In today’s trading, the Stellar price stood at $0.377, as of 13:49 BST. The digital currency has gained 8.3% in the past 24 hours. The strong gains have allowed Stellar to significantly narrow the gap to the seventh-largest digital currency Cardano (ADA). At the moment, Stellar’s total market valuation is estimated at $7 billion, while Cardano’s market cap stands at $7.2 billion.