2019 has been a difficult year to keep your eyes off the virtual asset ecosystem, since the valuation of cryptocurrencies has been going through a continuous cycle of major pump and dump. The trend continued at press time, as a massive price surge was unfolding for Stellar Lumens [XLM]. The altcoin had been relatively quiet over the past few weeks, with minor gains followed by major corrections in the market.
However at press time, XLM was pumping at an enormous rate of 9.01 percent in an hour, with a massive trade volume of nearly $500 million over the past 24 hours. The growth rate over the last 24 hours was recorded to be 10.20 percent and the market capitalization of the altcoin was around $1.9 billion.
The altcoin was traded the most on the BW.com exchange, where the trading pair of XLM/USDT garnered about $101 million in 24 hour trading volume, which was equivalent to around 20 percent of the market cap. BW.com was followed by LATOKEN in the 2nd place, with a trading volume of $66.81 million via the XLM/BTC pair.
Source: Trading View
It can be observed from the charts that XLM was consistently falling in valuation over the last 24 hours, before recording the aforementioned market surge. The token was down to $0.086, before the hike took its valuation to $0.1001, at press time.
It was suggested that the current pump was surfacing due to the influence of Bitcoin in the market as BTC was witnessing a pump of 2.37 percent in an hour at the same time. However, speculations suggest that XLM will undergo another price correction, when the dust settles.