The Stellar price (XLM/USD) has pulled back from its recent highs following a late Wednesday downturn that affected the wider digital currency market.
The sixth-largest digital currency on the market received a strong boost from Huobi’s announcement on Wednesday that the crypto exchange operator is adding support for XLM trading pairs. The coin surged by more than 10% on Wednesday, hitting $0.348, which was its highest level since May 17, according to data from digital currency tracker Coinmarketcap.
The coin revisited that level during yesterday’s morning session, but it later pulled back to lower levels. The decline accelerated in late Thursday trading, with the Stellar price falling to an intraday low of $0.298. The coin eventually finished the day at $0.309, down from its opening level of $0.332.
The late drop came amid a larger cryptocurrency decline that followed the news that the US Securities and Exchange Commission (SEC) had rejected a second attempt by Cameron and Tyler Winklevoss to list shares of a Bitcoin exchange-traded fund (ETF).
Following the decline, Stellar has seemingly stabilised around the $0.30 mark, which was the area it occupied in the days before the Huobi announcement. Market activity has also cooled off, with its current 24-hour volume currently standing at $136 million. Almost half of that volume has been generated on the world’s largest crypto exchange Binance. Meanwhile, Huobi’s XLM offerings have accounted for just over 1% of all trades.
In today’s trading, the Stellar price stood at $0.305, as of 12:34 BST. The digital coin has lost 7.2% of its value over the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $5.7 billion.