Stellar Lumens’ native token XLM was among the biggest gainers in the cryptocurrency market in the previous 24 hours, rising by roughly 49 percent in the US dollar-pegged markets.
The XLM/USD exchange rate reached an intraday high of $0.313 after dropping to as low as $0.20 in the previous session. Traders flocked into the Stellar token owing to a general recovery across the crypto assets that saw top coins, including Bitcoin, Ethereum, and XRP, emerging from their respective session lows.
Stellar primarily benefited from its accessible upside fundamentals. The open-source blockchain project lately emerged as a viable alternative to its top rival Ripple Labs. Ripple, a San Francisco-based payment firm, landed in a legal controversy with the US Securities and Exchange Commission (SEC) over the alleged illegal sale of its native token XRP.
— IncomeSharks (@IncomeSharks) January 12, 2021
Meanwhile, traders assessed Stellar entering a high-profile partnership