The Stellar price (XLM/USD) has seen significant gains in the past 24 hours, as the cryptocurrency market has rebounded from its Sunday lows.
On Sunday, the seventh-largest cryptocurrency on the market hit its lowest level since mid-December at $0.158, amid a market-wide slump that followed report claiming that microblogging firm Twitter was planning to ban crypto-related advertisement. However, the marker bounced back in the latter part of the session, which allowed Stellar to return above $0.20 and finish the day at $0.220.
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The digital extended its gains at the start of this week, as it closed the Monday session at an intraday high of $0.250. However, it hasn’t been able to continue its rally in today’s trading. At the time of writing, the Stellar price was hovering around $0.25, according to data from cryptocurrency tracker Coinmarketcap.
In other XLM news, Stellar Development Foundation, the non-profit organisation behind the cryptocurrency yesterday announced plans to introduce Lightning payments to the Stellar network by the end of this year. The non-profit explained why it believes that the “Lightning is the right way forward for Stellar”, pointing out that a typical Lightning payment “can be confirmed instantly”, “has negligible fees” and “has negligible fees”.
In an interview with industry website CoinDesk, Stellar Development Foundation’s co-founder Jed McCaleb talked about why it is important for the cryptocurrency industry to solve its scalability problem.
“Scalability is one of our primary focuses over the next year. Hype tends to exceed reality in blockchain space – visions are big. The thing is, the tech can’t actually realize what people want today,” McCaleb said.
In today’s trading, the Stellar price stood at $0.250, as of $13:45 GMT. The digital currency has gained 9.4% in the past 24 hours, according to Coinmarketcap. Its market capitalisation currently stands at $4.6 billion.