The Stellar price (XLM/USD) has seen significant losses over the past 24 hours amid a larger downtrend observed across the wider cryptocurrency market.
The sixth-largest digital currency on the market saw some mixed trading yesterday, with its price swinging between gains and losses. The digital coin made several attempts to revisit its Wednesday highs, but it was never able to extend its advance beyond the $0.316 level. The coin eventually finished the day at $0.302, slightly higher than its opening level of $0.296.
Stellar has been mostly in decline after its price dropped below $0.30 in the early hours of today’s trading. At the time of writing, the Stellar price was hovering around $0.28, according to data from digital currency tracker Coinmarketcap.
Stellar’s performance is in line with a larger trend observed across the cryptocurrency market. Most major altcoins have seen significant losses in the past 24 hours, with Cardano (ADA) and Ripple (XRP) being the worst performers in the crypto top 10. Meanwhile, the original cryptocurrency Bitcoin (BTC), is the only top 10 digital coin that has seen gains over the that period.
Stellar received a significant boost on Wednesday, following the news that the Stellar Development Foundation had obtained a Sharia compliance certification for the distributed ledger’s technology and network.
“Stellar is the first distributed ledger protocol to receive Sharia compliance certification in the money transfer and asset tokenization space,” the Stellar Development Foundation announced on Tuesday. “Additionally, the Sharia compliance certification extends to applications and usages of lumens (XLM).”
In today’s trading, the Stellar price stood at $0.284, as of 15:49 BST. The digital coin has lost just over 5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $5.3 billion.