U.S. Markets closed

Stellar's price corrects after recent rally, down 7% today

Daniel Phillips


Following an impressive start to the week which saw Stellar's price nearly double, the cryptocurrency has now begun to cool off, falling by 7% to reach its current value of $0.075.

Despite its current losses, Stellar holders are unlikely to be complaining. The cryptocurrency is still up more than 30% in the last 7 days and, during that timeframe, has eclipsed every other top 10 coin.

As a result, Stellar's market capitalization has risen from $1.12 billion to $1.52 billion, leapfrogging the likes of Cardano (ADA) and Monero (XLM) to secure its position as a top 10 cryptocurrency.

Stellar has also seen its daily trade volume skyrocket, climbing from just $86 million on September 16 up to over $670 million on September 19—a whopping 680% growth. As it stands, this week's trade volume is higher than any point since June.

Much of this growth appears to be off the back of news that the Stellar Development Foundation is giving away a total of 2 billion XLM, worth $150 million, in a massive airdrop. And with the foundation still holding around half of the total supply of Stellar, expect more airdrops to come.

Barring stablecoins, Stellar (XLM) is the only cryptocurrency in the top 10 to be in the red, while the rest of the market has been enjoying significant gains.